- Dogecoin price has been trading sideways around a crucial supply zone.
- A decisive close above this area of interest could set the stage for a 70% upswing to an all-time high at $0.459.
- DOGE funding rates are nearing zero from negative territory, indicating increasing bullish speculators.
Dogecoin price could be on the verge of a massive upswing that could retest its recently set up all-time highs.
Dogecoin price prepares for lift-off
Dogecoin price has been trudging around the $0.231 level since it crashed nearly 62% a few days ago. Now, DOGE seems to be trying to break past a crucial supply zone that extends from $0.262 to $0.302.
A successful breach of this area could form a foothold that allows the meme-themed cryptocurrency to retest its all-time high at $0.459.
Additionally, if such a move were to occur, the SuperTrend indicator’s sell signal flashed on April 21 will flip bullish and signal a shift in trend to the upside.
Following this, DOGE will need to slice through the 50% Fibonacci retracement level at $0.345 and the resistance barrier at $0.42 to reach its intended target.
DOGE/USDT 4-hour chart
Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, Dogecoin price will face relatively minor resistance levels.
Roughly 28,000 addresses that purchased nearly 2.82 billion DOGE are “Out of the Money.” Hence, the upswing could face selling pressure from investors who might want to break even.
DOGE IOMAP chart
Interestingly, the funding rate for Dogecoin is on a sharp recovery from being negative to almost zero, which shows that speculators are expecting DOGE to surge higher. Hence, a large portion of the crowd has turned optimistic about the meme coin.
DOGE funding rate chart
All in all, Dogecoin price looks bullish, but the catch with its bullish thesis is that it has to clear the immediate supply zone. However, a failure to stay above it or breach it will result in a correction to $0.231.
A breakdown of this level will invalidate the bullish thesis and trigger a 10% correction to $0.206.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.