Dogecoin price consolidates as DOGE bulls place $0.40 in their crosshairs

Dogecoin price comfortably sits above a stable support level, awaiting a surge in buying pressure that triggers a new uptrend. 

Dogecoin price eyes a higher high

Dogecoin price pierced the supply barrier ranging from $0.280 to $0.311 on August 13 but blasted through it on August 15. This run-up failed to sustain, but a second rally flipped it into a demand barrier. DOGE currently hovers above this support area, awaiting the start of a new upswing.

A potential spike in selling pressure that pushes Dogecoin price to shatter the $0.327 resistance level will open the path to set up a higher high above the previous swing high at $0.352 and even tag the supply barrier at $0.367.

If the bulls manage to produce a decisive 12-hour candlestick close above $0.367, it will put the $0.400 resistance level within reachable distance for the buyers. In total, this run-up to $0.400 from the current position at $0.316 will constitute a 26% ascent.

DOGE/USDT 12-hour chart

While things seem to be going in favor of Dogecoin price, a re-entry into the demand zone ranging from $0.270 to $0.311 will put the uptrend in jeopardy. If the sell-off continues to produce a decisive close below the support level at $0.273, it will invalidate the bullish thesis.

In such a case, a potential spike in selling pressure could trigger a sell-off, pushing DOGE down by 15% to $0.230.