Dogecoin (DOGE) Winds Up, Targeting $0.163 Upside

  • DOGE price retesting the support floor at $0.1228 might complete the triple bottom pattern, suggesting reversals.
  • A rebound from the foothold might propel the meme coin by 27% toward $0.163.
  • A 24hr candle close under the barrier at $0.128 will invalidate DOGE’s bullish narrative.

Dogecoin’s (DOGE) price performance suggests trend reversals as the original canine-themed token nears a crucial support barrier. Retesting the area might print reversal formation, launching an upside move for Dogecoin.

DOGE Price on Decisive Moment

Dogecoin saw its price stuck under a declining trend-line since 1 December 2021. Furthermore, the altcoin continues coiling up while confined between this obstacle and the $0.128 support area. Also, another $0.128 retest will form a bottom reversal setup (the triple bottom). This technical pattern shows an end of Dogecoin’s downtrends, welcoming upside actions.

With that, market play may prepare to capitalize on the upcoming upsurge. Meanwhile, Dogecoin uptrends might test the weekly resistance zone at around $0.163. Increased buy orders might see the dog currency extending the leg up to tag the hurdle at $0.194. That would increase the overall gains to 51% from 26%.

Such developments will allow market makers to push DOGE prices past $0.215 and gather buy-stop liquidity beyond the equal peaks.

The bullish thesis highlighted above appears plausible but depends on the presumption that the DOGE price rebounded from the support floor of $0.128. Failure to trigger bullish actions might worsen Dogecoin’s condition.

A daily candle close beneath $0.128 will cancel DOGE’s bullish narrative through a lower low. Such scenarios might unveil a potential 42% drop, revisiting the support level at $0.074.

Dogecoin’s upcoming reactions around the support barrier of $0.128 will detect up-and-coming trends. Current price movements indicate a bounce off the footing, triggering a 27% upswing towards the $0.163 value level. Nevertheless, a decisive close under $0.128 will cancel Dogecoin’s optimistic forecast.

However, Dogecoin price actions will depend on broad market sentiment. For now, the global market capitalization highlights a bearish outlook, exploring $1.73 trillion at this publication. Meanwhile, crypto experts believe uptrends will emerge in the coming weeks. Further weakness might mean more downtrends by cryptocurrencies. Such cases will see DOGE’s bullish sentiment fading.

By Edward Richardson
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