Dogecoin Price Forecast: DOGE is on the verge of a colossal explosion if any of these two levels break
|- After one of the biggest cryptocurrency pumps in history, Dogecoin plummeted down by 70%.
- The digital asset has been trading sideways in a tightening range which is about to burst.
- There are two key levels to watch for a massive breakout or breakdown.
Dogecoin’s volatility has dropped significantly over the past 48 hours and the digital asset has been trading inside a tightening range which is on the verge of a massive explosion within the next 24 hours.
Dogecoin price can jump or die within 24 hours
On the 1-hour chart the Bollinger Bands have squeezed significantly and have formed an extremely tight range between $0.0312 and $0.0334. These are the two key levels that investors need to watch out for.
DOGE/USD 1-hour chart
The In/Out of the Money Around Price (IOMAP) chart seems to give the upper hand to the bulls as it shows very weak resistance above $0.032. A breakout above $0.0334 can quickly push Dogecoin price towards $0.037, which is the next most significant resistance level according to the IOMAP model.
DOGE IOMAP chart
However, the IOMAP chart also shows that only one crucial support area is there for the bulls between $0.031 and $0.032 which coincides with the lower Bollinger Band. Losing this massive support point with 8.34 billion DOGE in volume will push the digital asset down to $0.027.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.