Why Dogecoin price hints at a 70% bull run

Dogecoin price is coiling up inside a bullish pattern, forecasting a trend shift to the upside.
Investors can expect DOGE to trigger a 70% upswing to $0.233.
A daily candlestick close below $0.078 will create a lower low and invalidate the bullish thesis.

Dogecoin price shows signs of a trend reversal as it approaches the end of its multi-month bottom reversal pattern. A decisive breakout on a weekly time frame will signal the start of a massive upswing for DOGE.

Dogecoin price to retrace its steps back higher

Dogecoin price has crashed roughly 85% from its all-time high and is currently hovering around $0.135. From May 3, 2021, to April 18, the dog-themed cryptocurrency formed three distinctive lower highs and lower lows, which when connected using trend lines reveals a falling wedge pattern.

This technical formation forecasts a 68% upswing, obtained by adding the distance between the first swing high and swing low to the breakout point. So far, Dogecoin price has failed to move above the upper trend line. Assuming this move occurs around $0.140, the target after a 68% upswing will be $0.233.

Historically, April month has been bullish for Bitcoin with positive returns, investors can expect DOGE to trigger an upswing in the coming week. In such a case, Dogecoin price will face a hurdle at $0.16, clearing this barrier is crucial for a further upswing. Therefore, a resurgence of buying pressure could be the key to pushing the meme to its target at $0.233.

DOGE/USDT 1-week chart

While things are looking up for Dogecoin price, a breakdown of the $0.109 support level will indicate weakness. This development will open the path for a 20% crash to the $0.087 to $0.078 demand zone.

If DOGE produces a daily candlestick close below $0.078, it will create a lower low and invalidate the bullish thesis.

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.