Dogecoin (DOGE) Coils Up; Upside Capped at $0.20

  • Dogecoin sees its price coiling up below a declining trend-line, indicating a volatility shortage.
  • Overcoming this barrier might propel Dogecoin to $0.163, leading to a 23% upward move.
  • A 24hr candle close under $0.127 will cancel DOGE’s bullish thesis.

Dogecoin price remains stuck with equal lows and lower highs between two critical barriers. The meme coins see continued coil-ups amid these price actions. DOGE might overcome the consolidation, translating to a swing upward move.

Dogecoin Price to Climb Soon

Dogecoin price printed three equal lows and four lower highs since 2021 November. A trend-line drawn at these candlesticks reveals a plunging resistance barrier. Meanwhile, the alt shows a potential explosive breakout as DOGE remains squeezed between the support level of $0.127 and the mentioned trend-line. For now, the Dogecoin price bounces of a horizontal level and might witness a 15% rally to the declining trend-line.

A significant-close past this obstacle will clear the road for Dogecoin to hit the weekly resistance level at $0.163. That would mean a 23% surge from the token’s current price – $0.132. Moreover, DOGE bulls can create a local top near $0.163.

Nevertheless, the market maker’s commitment to gathering liquidity plus buying momentum resurgence may propel the token to retest the hurdle of $0.194 and climb beyond it. Such an extension would see DOGE’s total gain shifting to 47% from 23%.

While everything might appear optimistic for DOGE price, failure to rise past the declining trend-line will show buyers’ weakness. Meanwhile, a daily candlestick close under $0.127 will produce a lower low, annulling the token’s bullish narrative. That way, the original meme coin can lose 41% to revisit the support floor at $0.0746.

While writing this article, Dogecoin traded at $0.1318, exhibiting bearish trends on a 24-hour scale. Meanwhile, the alternative token coil up beneath a declining trend-line, showing faded volatility. An upward break here will see Dogecoin gaining 23% from current levels. Nevertheless, bearish actions producing a 24hr candlestick close under $0.127 will cancel the token’s bullish thesis.

Furthermore, the ongoing retracement might weaken Dogecoin. The global crypto market capitalizations stood around $1.90 trillion at this publication, following a 2.29% 24hr loss.

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By Edward Richardson
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