Dogecoin To Continue Higher Until It Hits A Wall: Analysis

Dogecoin's DOGE/USD price is expected to continue growing until it hits resistance on its way up.

What Happened: According to a recent FXStreet chart analysis, Dogecoin's price rebounded after dipping through two high-demand zones from $0.25 to $0.28 — touching a low of just over $0.21 and trading at over $0.25 as of publication Thursday.

Now, after its recovery started, Dogecoin's price is expected to stay above both the demand zones — above $0.25 — and possibly ride the momentum higher until it hits a wall located at $0.308. If this resistance is broken, then the next one is located at $0.35.

See Also: Will Dogecoin Bite The Hand That Feeds It Or Follow Ethereum Into A Reversal?

There's a second scenario that is also possible. If the positive momentum dries up too soon, then Dogecoin's price is expected to fall until it hits resistance located at $0.23 and then possibly $0.21.

If those resistances are also broken, Dogecoin proponents could see their coins crash to be worth $0.193 or even $0.1575. Closing a daily candle below $0.2314 would result in the bullish sentiment being invalidated.

DOGE Price Action: According to CoinMarketCap data, Dogecoin is currently trading at $0.2543 after gaining about 3% of value over the 24 hours as of publication Thursday.

Image by KNFind from Pixabay