Doge price slid below the May 19 range low to create a new bottom as the entire cryptocurrency market underwent a sell-off. Although DOGE price has rallied considerably since setting up the recent swing low, more gains seem to be on the horizon.
Dogecoin's price crashed 43% from $0.290 to $0.165 between June 20 and June 22. This sell-off pushed below the previous range low at a price of $0.194 to set up a new one at $0.165.
Despite this massive plummet, the crypto market, including Dogecoin, is recovering swiftly. However, the bulls need to slice through the immediate resistance level at a price of $0.255 to tag $0.280.
A decisive 6-hour candlestick pattern closes above this barrier will signal the start of a new uptrend that could propel the meme coin to a new supply level at a price of $0.343.
The price upswing described above will either come after a minor retracement to $0.194 or continue to head higher and then retrace to $0.194. Therefore, investors need to exercise caution.
On the other side, if the Dogecoin price fails to climb above $0.255, it would signal weak bullish momentum. However, if the DOGE price slices through the support level at $0.194, it would indicate increased selling pressure.
If the bears continue to push through, leading to a breakdown of the swing low at a price of $0.162, the bullish thesis will face invalidation. In that case, Dogecoin's price could sell off another 27% to $0.119.
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