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.

Dogecoin price to continue its bull rally

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.