– Dogecoin price has breached a declining weekly trend line, signaling a bullish resurgence.
– Clearing the weekly MRI resistance level at $0.0814 opens the path for DOGE to trigger a 100% move.
– A breakdown of the $0.0574 support level will invalidate the bullish thesis.
Dogecoin (DOGE) price has shown incredible bullish momentum that has allowed it to clear a declining weekly trend line that has served as a hurdle for the past year.Hence, the recent development is bullish for DOGE holders.
Read more:
Dogecoin futures open interest jumps to 7b DOGE, indicating risky bets
Dogecoin price ready to fly high
Dogecoin (DOGE) price shows signs of slowing down after clearing a multi-month trend line connecting the swing highs formed since October 2022.The near-10% rally witnessed last week has caused DOGE to breach this hurdle.
As a result of this move, Dogecoin price has even bounced off the $0.0707 support level and is currently attempting to overcome the $0.0814 hurdle.If successful, DOGE could trigger a 110% upswing to the next critical resistance level of $0.0170.
Supporting this massive rally in Dogecoin price is the Relative Strength Index (RSI), which has surpassed the 50 mean level, signaling a stark rise in bullish momentum.The Awesome Oscillator (AO) histograms are reducing in size below the zero line and are close to tipping over above it.A successful push above the zero line could see Dogecoin price kickstarting a massive uptrend.
Read more:
Dogecoin Price Prediction: DOGE in a fit to break $0.0786 after three unsuccessful attempts
DOGE/USDT 1-day chart
On the other hand, if Dogecoin price produces a weekly candlestick close below the immediate support level of $0.0707, it will signal signs of trouble.In such a case, DOGE could slip into consolidation between the $0.0707 and $0.0574 barriers.
But a weekly candlestick close below the $0.0574 support level will invalidate the bullish thesis by producing a lower low.
This development could see DOGE crash 14% and encounter the $0.0495 support level.
Information on these pages contains forward-looking statements that involve risks and uncertainties.
Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.
FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.
Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.
The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Axie Infinity, YGG and Sandbox prices could rally with the upcoming Web3 Games Summit
The Yield Guild Games Web3 Summit will be held on November 18, fueling bullish outlook among gaming token holders.Market participants gear up for Axie Infinity, Yield Guild Games and Sandbox co-founders to speak at the Summit.
More Cryptocurrencies News
Bitcoin Weekly Forecast: ETF delay and weekly swing failure could crash BTC to $30,000
After the US Securities and Exchange Commission (SEC) announced a delay in their ETF decision, Bitcoin (BTC) price saw a quick uptick, which did not make sense.
Currently, BTC is hovering below the $38,000 level, leaving investors guessing its next move.
More Bitcoin News
SushiSwap partnership for native Bitcoin swaps fails to trigger SUSHI rally
Sushi has partnered with ZetaChain to explore native Bitcoin swaps for users across 30 blockchain networks.Experts believe Bitcoin users could gain exposure to DeFi in a native manner through the integration.
More SushiSwap News
WisdomTree revises spot BTC ETF application, in signs that talks with SEC continue
Asset management company WisdomTree submitted a revision of its spot Bitcoin ETF application on Thursday.The filing is part of the application process and signals WisdomTree is in talks with the SEC, Bloomberg analyst James Seyffart said.
More Cryptocurrencies News
Bitcoin: ETF delay and weekly swing failure could crash BTC to $30,000
After the US Securities and Exchange Commission (SEC) announced a delay in their ETF decision, Bitcoin (BTC) price saw a quick uptick, which did not make sense.Currently, BTC is hovering below the $38,000 level, leaving investors guessing its next move.
Read full analysis.
