- Dogecoin price has been consolidating below the $0.0712 to $0.108 range.
- A swift recovery above $0.0712 could trigger a 25% rally for DOGE holders.
- A daily candlestick close below $0.0624 will invalidate the bullish thesis.
Dogecoin price shows a struggle as it approaches key blockade. A successful flip of this hurdle into a support floor could kickstart an explosive move higher for DOGE bulls.
Also read: Dogecoin price recovers from the heaviest shorting of 2023
Dogecoin price edges closer to breakout
Dogecoin price has been consolidating below the $0.0712 to $0.108 range for nearly 40 days. The Awesome Oscillator has flipped above the zero line, and Relative Strength Index (RSI) has also moved above the mean level at 50.
These signs indicate that the bullish momentum is on the rise. Lastly, the Wave Trend indicator has also managed to flip above the zero line, with a potential bullish crossover on its way. So, investors need to keep a close eye on Dogecoin price, which is edging closer to a breakout.
A decisive flip of the $0.0712 hurdle into a support floor on the daily or a higher timeframe would trigger a bull rally. The short-term target includes the sell-side liquidity at $0.08. The second target would be the midpoint of the aforementioned range at $0.0896.
This move, in total, would constitute a 25.77% gain for Dogecoin price.
DOGE/USDT 1-day chart
On the other hand, if Dogecoin price gets rejected at the $0.0712 resistance level, it could retrace 11.50% to tag the $0.642 support floor. A breakout of this support barrier would create a lower low and invalidate the bullish thesis.
In such a case, Dogecoin price could revisit the $0.0539 foothold.
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