Dogecoin price can hit $1 if DOGE can clear one critical hurdle

  • Dogecoin price broke out of a massive descending triangle pattern on October 18. 
  • Although DOGE rallied 46% after a breakout, it is stuck under the $0.253 to $0.348 supply zone.
  • A decisive close above this barrier will suggest that the meme coin has 220% gains on the table.

Dogecoin price is currently sitting inside a supply zone that has prevented it from making any progress for nearly five months. However, the resurgence of buyers has triggered a massive meme coin bull run, which provides DOGE with an opportunity to kick-start another leg-up.

Dogecoin price on the verge of a bull run

Dogecoin price set up four lower highs and four equal lows since April 23. The swing points in this six-month-long consolidation can be connected using trend lines to reveal a descending triangle.

This technical formation forecasts a 361% ascent, obtained by adding the distance between the first swing high and the triangle’s base. Adding this distance to the breakout point reveals that DOGE could hit $1.08.

So far, DOGE has rallied 26% from the breakout point and shows an affinity to go higher. However, the $0.253 to $0.348 supply zone is the significant hurdle that will prevent it. Therefore, a decisive close above $0.348 will confirm a resurgence of buyers and kick-start a 27% ascent to the next barrier at $0.448. Beyond this, DOGE, virtually, has little-or-no resistance level. Hence, investors can expect Dogecoin price to climb to $1.

DOGE/USDT 2-day chart

On the other hand, if the Dogecoin price fails to slice through the $0.253 to $0.348 supply zone, it will indicate a lack of bullish momentum. In this situation, DOGE could reenter the descending triangle. However, if DOGE breaks below the $0.197 support floor, it will invalidate the bullish thesis. In such a situation Dogecoin price could venture lower and find support on the $0.159 to $0.187, where it can give the uptrend another go.


Read Full Article

Latest articles

Raoul Pal Details Four Favorite Altcoins After Bitcoin and Ethereum, Outlines ‘Most Important’ Chart in Crypto

Real Vision founder and chief executive Raoul Pal is updating his followers on his favorite altcoins outside of Ethereum (ETH). Pal, a vocal Ethereum...

Bholdus successfully issued NFT on its blockchain | National – WDRB

Bholdus successfully issued NFT on its blockchain | National  WDRB Source link

Innovative Mining Protocol Concludes a $2 Million Fundraise Led by Exnetwork Capital and Oracles Investment Group

Leading Venture funds including Exnetwork Capital, CSP DAO, STC Capital, Oracles Investment Group, MoonBoots, Leos Ventures, Global Key Investment, and Aza Groups, have...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here