Dogecoin hovers around reliable support as DOGE bulls looks for 42% climb

New Delhi: Dogecoin price has seen a drop of 4.35 percent in last 24 hours while it has gained almost 7 percent in the last 7 days. DOGE’s market capitalization has been calculated over $24 billion. Dogecoin saw a good spike in price when Tesla Chief and self-claimed DOGE father Elon Musk took to Twitter to announce that electric carmaker would accept the coin as payment for their merchandise.

Right now, the Dogecoin price looks ready for a 42 percent upward rally towards the $0.26 level and the only required thing for this launch is finding strong support. Investors may see a buying opportunity at lower prices before bulls get ready for a major upswing.

As per experts, DOGE is forming a parallel channel on the daily chart which suggests that the coin is bouncing between a specific high price and a low price. In a way ahead, the toughest area of resistance stands around $0.26.

However, the chart pattern suggests that there is much more explosive potential in the upside trend for DOGE, and it can drop lower to find solid support. The first support acting as the line of defense for the coin is at the $0.17 price level and next in the line is the $0.15 price level.

Dogecoin bull will be expecting a bounce back to overturn the phase of underperformance as the coin will manage to discover reliable support at the downside trend line.

The first area of resistance in the way of uptrend is at $0.18, then at $0.20 and additional resistance can emerge at $0.21 price level.

Baby Doge - Shiba INu

The next hurdle will eventually emerge at $0.23 and the toughest resistance will emerge at $0.26. Spike in buy orders can help the coins to take it to the higher levels.

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