A recent analysis suggests that Dogecoin DOGE/USD is about to take off once again after overcoming a bearish phase by crossing through a critical resistance.
What Happened: According to a Wednesday FXStreet market analysis, Dogecoin consolidated above the $0.23 support level after its most recent leg up and is now in for "a massive rally." This bullish expectation would be invalidated by a breakdown of the $0.193 demand barrier.
Before Dogecoin moves higher we should expect a further pullback with a high chance for it to break through its support level and retest the $0.213 demand zone before engaging in a full-on bull run. The coin is purportedly then headed towards the $0.308 level, but only after breaking through the $0.2561 and $0.2684 resistances.
If the prediction materializes then Doge fans are in for a 30% gain.
See Also: How to Buy Dogecoin
If the coin breaks through the $0.308 ceiling then it won't encounter a resistance until it hits the $0.3278 price. If Dogecoin were to fail to bounce off the $0.23 price level it would e a sign of major selling pressure that could result in the retest of the $0.213 demand floor.
The bullish thesis would be fully invalidated by a breakdown of the $0.193 support that would create a lower low.
DOGE Price Action: According to CoinMarketCap data, as of press time Wednesday Dogecoin is trading at $0.2424 after seeing its value increase by 1.82% over the last 24 hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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