fxs_header_sponsor_anchor

Dogecoin price to rally 20% if DOGE can recover recent losses

  • Dogecoin price has slipped past the 79% Fibonacci retracement level at $0.225, signaling a weak buying pressure.
  • A quick recovery above this barrier could trigger a 20% upswing to $0.267.
  • If DOGE fails to flip $0.225 into a support floor, a retest of $0.194 is likely.

Dogecoin price is at a make or break point in its downward cycle as it recently flipped a crucial support level into resistance. If DOGE bulls can quickly recover, investors can expect a run-up. Failing to do so might result in a steeper correction.

Dogecoin price at inflection point

Dogecoin price dropped below the 79% Fibonacci retracement level at $0.225 after consolidating above it for six days. This down move indicates that the buying pressure is weakening. While things are looking grim for DOGE, a potential spike in buying pressure that pushes DOGE to reconquer the $0.225 barrier will be a display of strength.

This move will likely trigger a 20% upswing that pushes pass the intermediate resistance levels to retest the 50% retracement level at $0.267.

In some cases, this climb could extend to $0.283, revealing a 25% gain.

DOGE/USDT 1-day chart

While the bullish narrative is contingent on the recovery above $0.225, a failure to do that might result in unwelcomed situations. For instance, the Dogecoin price could slide straight to the range low at $0.194. This 12% crash places DOGE on a critical level, a breakdown of which could result in a further bearish crash to $0.09.

Therefore, it is significantly important for Dogecoin price to stay above $0.225 for a bullish case and $0.194 to avoid a strong bearish outlook.

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.