Dogecoin Price Forecast: DOGE breakout could kickstart 10% rally

Dogecoin price has been consolidating below a key hurdle at $0.060 for nearly two weeks.
A breakout above the said barrier could trigger a 10% rally to $0.0662.
A daily candlestick close below $0.0582 will create a lower low and invalidate the bullish thesis.

Dogecoin (DOGE) price shows a willingness to rise higher after its recent encounter with two key hurdles. If this bullish momentum continues, DOGE could kickstart a strong rally.

Dogecoin price ready to make a move

Dogecoin (DOGE) price stayed below the $0.0593, $0.0603 for nearly two weeks. The surge in momentum over the last 24 hours has caused the meme coin to produce a 12-hour candlestick close above $0.0603.

If this move is successful and Dogecoin price sustains above $0.0603, it could attract sidelined buyers and kickstart a 6.30% upswing to $0.0642. In some cases, DOGE might extend the run-up to $0.0662, bringing the total gain to 10%.

While Dogecoin price shows a bullish outlook over the weekend, investors need to be careful as the fresh start of a week could reset the existing bias.

Also read: Dogecoin shows resilience despite DogeFather Elon Musk's legal troubles

DOGE/USDT 4-hour chart

On the other hand, if Dogecoin price produces a daily candlestick close below $0.0582, it would create a lower low. This move could attract sellers and potentially trigger an 8.90% crash to $0.0550.

Also read: Dogecoin NFT community 'own the Doge' is installing Kabuso Dog’s statue in Japan

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.