Over the course of about one month, the price of dogecoin has fluctuated between $0.0749 and $0.0943.
The dog-based cryptocurrency is expected to see more gains as a result of the recent violation of the falling trend line.
It is possible that DOGE could see a 10% surge that will surpass $0.0895 and reach $0.0911.
In the event that the $0.0749 support barrier is converted into a resistance level, the bullish view will be rendered invalid.
Now that a few weeks have passed, the price of dogecoin has been stabilizing, and there is no indication of any directional bias. Traders are likely to be drawn to DOGE as a result of the recent upward movement, as the alternative cryptocurrency seems to be in a position to experience a resurgence.
The price of dogecoin has surmounted significant obstacles.
The current rise of 6.54% seems to have brought an end to the consolidation of the price of Dogecoin (DOGE) that occurred following the collapse that occurred on January 3. This new development was successful in accomplishing two objectives: it broke through the falling trend line and it surpassed the resistance level of $0.0821. In order to prevent DOGE from advancing to higher levels, both of the aforementioned issues were significant obstacles.
In terms of the price of Dogecoin, the path that lies ahead is not going to be a stroll in the park. Doge must transform the $0.0846 barrier into a support floor in order to go on. If this is done, the alternative cryptocurrency will be able to retest $0.0911, which is the point in time that represents the middle of the 30% drop that occurred between December 11, 2023 and January 3, 2024.
An increase of ten percent from the present price of $0.0824 would be accounted for by this change in its entirety.
Additionally, the In/Out of the Money indicator that is provided by IntoTheBlock reveals that the next important resistance cluster for DOGE stretches from $0.0844 to $0.1222. At an average price of $0.0931, around 864 thousand addresses purchased 14.56 billion tokens from this location. It is interesting to note that this level correlates nicely with the objective that was predicted from a technical standpoint. This lends validity to the positive stance that has been expressed about the dog-based meme currency.
However, if the price of Dogecoin continues to rise, these investors, who are now out of money, are likely to liquidate their positions at breakeven. The range of $0.0911 to $0.0931 is thus an important take-profit level.
On the other side, if the price of Dogecoin breaks through the $0.0749 support level, it will produce a lower low, which would render the bullish thesis incorrect. Given these circumstances, the price of DOGE may fall by 5% and then return to the next significant support level, which is located around $0.0713.
