New Delhi: Dogecoin price has been on the uptrend momentum since the beginning of October even after being rejected multiple times. DOGE bulls are trying to add more momentum to their positions for a breakout from the current price.
As per experts, traders need to hold their patience as the DOGE can witness a short-term pullback which will eventually result in a 50% upswing. The first resistance bulls will face will be around $0.3 which will be hard to break.
DOGE has created 2 higher highs and 3 higher lows when it rallied almost 45% from September 29. The technical formation forecasts a 19% sink to $0.20. However, traders can expect DOGE to find support around the $0.236 price level.
It is being reported that profits from the meme coin are flowing to cycle to other Dog-meme-themed cryptocurrencies and Dogecoin is a good strong contender of it. This flow will eventually give a potential spike in the buying numbers around this resistance which will trigger an upswing for Dogecoin.
As per analysts, if this run-up can manage to climb past the 50% Fibonacci retracement price level at $0.273 then it will automatically confirm the beginning of the bull rally. In this scenario, DOGE will have to retest the $0.30 price resistance followed by the next barrier of $0.352.
This process of breaking out from $0.236 to $0.352 will add up to the 50% move.
Past weeks may have been dull for the dogecoin and a breakdown of $0.236 will signal the buyer’s weakness. The bullish scenario will be rejected if the resulting retracement falls below $0.225.