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Dogecoin

Dogecoin price aims higher, but upside appears to be limited

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  • Dogecoin price is grappling with the $0.213 crucial resistance level.
  • A breach of this barrier might lead to a 20% upswing to $0.255.
  • However, if DOGE bulls fail to defend $0.168, it will invalidate the bullish thesis.

Dogecoin price is currently tussling with a vital resistance level, a breach of which will open the path for more gains. However, the upside seems to be limited due to the presence of a massive supply zone.

Dogecoin price contemplates a breakout

Dogecoin price has set up three lower highs since June 25, indicating a waning bullish momentum. Drawing a trend line along these swing points shows a declining resistance level that DOGE is currently tagging.

Interestingly, the resistance level at $0.213 coincides with the supply barrier mentioned above. Therefore, a decisive 9-hour candlestick close above this confluence will signal the presence of bulls and open up the path for further upside.

However, investors should note that Dogecoin price is likely to rally 20% to tag the supply zone’ ranging from $0.255 to $0.290.

In some cases, this upswing might retest the $0.273 resistance level, which would constitute a 30% rally from $0.213.

DOGE/USDT 9-hour chart

DOGE/USDT 9-hour chart

Conversely, if DOGE bulls fail to push through the declining trend line and the horizontal resistance level at $0.213, a retracement will likely ensue.

The support barriers at $0.187 and $0.182 are the most likely candidates that might end the correction. However, if the selling pressure persists, Dogecoin price will tag $0.168.

While a reversal from this area is likely, market participants should note that a breakdown of the said demand barrier will invalidate the upswing and potentially trigger a downswing to $0.157.

 

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Dogecoin

Dogecoin price hesitantly aims at 36% advance

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  • Dogecoin price is having trouble slicing through the $0.213 resistance level.
  • A 7% retracement to $0.183 is likely before a potential 36% upswing.
  • If DOGE breaks below the $0.169 support level, it will invalidate the bullish thesis.

Dogecoin price is facing a tough time pushing past a crucial ceiling, which has stunted its growth. Compared to other altcoins, DOGE is struggling. However, breaching past the said barrier will open the path to an explosive upswing.

Dogecoin price ponders a higher high

Dogecoin price slipped below the $0.213 support level on July 12 and flipped it into a resistance level. Since this point, DOGE has tried climbing above this level multiple times but failed each time. While Ethereum and other altcoins are already experiencing impressive rallies, the meme coin has lacked momentum.

Considering the recent slump, a retracement to $0.187 or $0.183 is likely and a blessing in disguise that will help gather steam for the incoming bull run. From July 14, these two levels have served as a foothold that prevented the price from heading lower. Now that the said barrier has been breached, a retest will most likely see a bullish reaction.

A decisive 9-hour candlestick close above $0.213 would indicate the presence of buyers and propel Dogecoin price to tag the $0.230 resistance level. A successful flip of this barrier will open the path to retesting a massive supply barrier that extends from $0.255 to $0.290.

Retesting the lower limit at $0.255 from the current position would mean a 36% gain for DOGE.

DOGE/USDT 9-hour chart

DOGE/USDT 9-hour chart

While things seem a little tense for DOGE bulls, things could turn awry if the pullback overextends and shatter the $0.183 support level. This development could drag the Dogecoin price down to $0.169, roughly a 7% sell-off.

Breaching $0.169 will flip a crucial support level into a resistance barrier, which will hinder the upswing. Therefore, a potential spike in selling pressure that pushed DOGE below $0.169 invalidate the bullish outlook and potentially trigger a crash to $0.157.

 

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