- 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.
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.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.