The price of dogecoin appears to be on the verge of breaking through the consolidation that is taking place within the area of $0.0927 and $0.1060.
The uptrend has been kicked off by a recovery from the four-hour demand zone, and the price of #DOGE has extended 8.80 percent from its previously held levels.
If a four-hour candlestick close occurs that turns the lower boundary of the demand zone, which is now at $0.0901, into a resistance level, then the bullish thesis will be rendered incorrect.
The price of #Dogecoin (DOGE) is now trading at $0.0977, but it is expected to increase in the near future as a result of the surge in popularity of meme currencies among investors. At the moment, Bonk Inu (BONK), a meme coin headquartered in Solana, is the buzz since the cryptocurrency with a dog-related theme has increased by 183% in less than thirty hours. Because of the significant increases that were observed in BONK, DOGE has the potential to initiate a rapid upward trend.
The price of dogecoin is anticipated to rebound.
As a result of the 48% increase in price that occurred between November 22 and December 3, the price of dogecoin generated the range of $0.0927 to $0.1060. DOGE was able to effectively recover from a small departure below the range on December 13, and it was able to generate the four-hour demand zone that runs from $0.0901 to $0.0944.
Intraday traders who are searching for a retest of the range high at $0.1060 would be well served to enter the market if the price bounced off of this level. Taking this action would result in a gain of 8.80 percent. The Relative Strength Index (RSI) for the four-hour time frame has been reset at the mean level of 50, which indicates that there is a possibility for a positive recovery. This perspective is supported by the fact that the RSI has reset. Additionally, the Awesome Oscillator has flipped above the zero mean line, which is an indication that the bullish momentum is on the increase.
Investors need to be prepared for a possible move that breaks out of the consolidation since the momentum indicators are portraying a positive view for the price of Dogecoin. A part of the gains that are generated by BONK's remarkable rallies are likely to be transferred to other meme currencies such as Dogecoin, Shiba, and Floki Inu as more investors book profits from BONK's impressive rallies.
As a result, it is quite probable that the cryptocurrency known as DOGE will surpass the threshold of $0.1060 and reach the level of $0.1130, which would constitute a rise of 16%. There is also the possibility that the meme coin may retest the $0.1200 level and record a gain of 23% if the market is really positive.
In spite of the fact that the rangebound forecast for Dogecoin pricing appears to be reasonable, investors should pay attention to the continuous battle that Bitcoin is experiencing around the $45,000 zone. Gains in other cryptocurrencies might be adversely affected by a sudden increase in selling pressure for Bitcoin. $DOGE
Under these circumstances, the bullish thesis for DOGE will be rendered worthless if a four-hour candlestick close occurs that transforms the lower limit of the demand zone, which is located at $0.0901, into a resistance level. This move has the potential to bring the price of Dogecoin down by 4%, allowing it to retest the next important support level, which is located around $0.0865.
