Dogecoin price hesitantly aims at 36% advance
|- Dogecoin price is having trouble slicing through the $0.213 resistance level.
- A 7% retracement to $0.183 is likely before a potential 36% upswing.
- If DOGE breaks below the $0.169 support level, it will invalidate the bullish thesis.
Dogecoin price is facing a tough time pushing past a crucial ceiling, which has stunted its growth. Compared to other altcoins, DOGE is struggling. However, breaching past the said barrier will open the path to an explosive upswing.
Dogecoin price ponders a higher high
Dogecoin price slipped below the $0.213 support level on July 12 and flipped it into a resistance level. Since this point, DOGE has tried climbing above this level multiple times but failed each time. While Ethereum and other altcoins are already experiencing impressive rallies, the meme coin has lacked momentum.
Considering the recent slump, a retracement to $0.187 or $0.183 is likely and a blessing in disguise that will help gather steam for the incoming bull run. From July 14, these two levels have served as a foothold that prevented the price from heading lower. Now that the said barrier has been breached, a retest will most likely see a bullish reaction.
A decisive 9-hour candlestick close above $0.213 would indicate the presence of buyers and propel Dogecoin price to tag the $0.230 resistance level. A successful flip of this barrier will open the path to retesting a massive supply barrier that extends from $0.255 to $0.290.
Retesting the lower limit at $0.255 from the current position would mean a 36% gain for DOGE.
DOGE/USDT 9-hour chart
While things seem a little tense for DOGE bulls, things could turn awry if the pullback overextends and shatter the $0.183 support level. This development could drag the Dogecoin price down to $0.169, roughly a 7% sell-off.
Breaching $0.169 will flip a crucial support level into a resistance barrier, which will hinder the upswing. Therefore, a potential spike in selling pressure that pushed DOGE below $0.169 invalidate the bullish outlook and potentially trigger a crash to $0.157.
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