The price of Dogecoin is about to hit a milestone and could mark the start of an exciting new bull cycle. Unfortunately, Dogecoin has been stuck in a trading range for months.
The price is not hitting new highs or new lows, but it remains afloat nonetheless. It is therefore not surprising that other crypto -monnaies have been more successful in recent times, since they are in line with their current dynamic. At the same time, DOGE finds itself close to breaking territory without moving forward.
However, the price of Dogecoin is on the rise with a 64% increase. Some analysts are predicting it could hit $ 0.269, which would be seen as an upper bound for its symmetrical triangle pattern and put the bullish target into perspective at around $ 0.435.
Dogecoin Price Analysis
As the DOGE selloff continues, we might see a strong peg at $ 0.242 if there is more selling pressure ahead. On the same subject: Opinion on the course of the Indian Rupee: It remains at 50% average reversion! . The cryptocurrency has tried but so far it can’t get rid of those bears wanting it lower, and nothing seems to be going up anytime soon either.
Additionally, the price of DOGE is currently consolidating after forming a symmetrical triangle pattern on the daily chart. This suggests that while it may be time for the bulls to catch their breath, enough technical indicators are supporting this trend, which soon points to higher prices.
Recent technical analysis on the price of Dogecoin suggests that it has the potential to climb up to 64%. The current setup is an impulsive ascending channel, which has a good chance of fulfilling its prophecy if prices maintain their upward trajectory.
DOGE is expected to experience positive growth soon, with its 200 DMA level acting as significant resistance. Nonetheless, the coin has seen a steady rise and will continue on this path for the time being.
Before bulls can get excited about a possible bullish course, DOGE would first need to conquer its nearest resistance at a 50% Fibonacci retracement level which is priced around $ 0.255.
To move up, Dogecoin needs to break through the DMA 200, which has been a strong resistance preventing any price hikes in recent times.