– 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.
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.
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.
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