Crypto

Dogecoin Price Prediction: Is This the Start of a Bull Run for DOGE? | Cryptocurrency

  • The price of Dogecoin appears to have formed a base at $0.0574, which is a launch pad.
  • The 7% gain seen so far could expand to 20% as DOGE attempts to retest the $0.0729 barrier.
  • A daily candle closes below $0.0574 without a quick rise disproves the bullish thesis.

The price of Dogecoin has been consolidating above the lows for some time now. The recent Bitcoin price rally has triggered a rally for all altcoins, including DOGE. Therefore, investors should pay close attention to the dog-themed cryptocurrency, which seems to be poised for rapid growth.

Dogecoin price ready to move

The price of Dogecoin fell by 35% between August 17 and September 7 after rejecting a multi-year downtrend line at around $0.0889. This downtrend formed a base at $0.0574 that even made lows.

Although DOGE was supposed to collect liquidity to sell below these lows, this did not happen. Instead, the price of Dogecoin formed a base here after a brief consolidation and caused a 7% gain.

This move is likely to expand as the big cryptocurrency moves north. As such, investors can expect at least a 20 percent upside to $0.0729, which is in line with the multi-year downtrend line mentioned above.

Interestingly, a break above this confluence will signal a buying opportunity as this will be the first time the price of Dogecoin has reached this level in about 500 days. So this development could cause a significant acceleration for DOGE and restart the bull run.

However, until said trendline is crossed, DOGE upside is capped at $0.0729.

DOGE/USDT 1-day chart

On the other hand, if the price of Dogecoin fails to make a higher high, it will signal weakness on the part of the buyers. In such a case, investors should provide DOGE with the opportunity to collect liquidity for a sell stop below $0.0574 free of charge.

If the price of Dogecoin forms a daily candle below $0.0574 without a rapid rise, the bullish thesis will be invalidated.

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