- Dogecoin price shows potential for a 20% upswing as it bounces off a stable support level.
- The resulting rally is likely to propel DOGE to $0.17, followed by a revisit to $0.20.
- A daily candlestick close below $0.133 will invalidate the bullish thesis.
Dogecoin price shows an interesting setup that skews the favor for bulls and indicates that an uptrend has begun. Moreover, on-chain metrics signal little to no resistance up to certain significant levels.
Dogecoin price follows Shiba Inu’s lead
Dogecoin price has been trading between the $0.11 and $0.17 barriers since March 24. After flipping the $0.11 hurdle into a foothold nearly three weeks ago, DOGE exploded by 20% to retest the $0.17 ceiling.
A failure to flip this hurdle combined with the market structure of the crypto markets led to an eventual retracement to $0.11. As a result, DOGE was stuck trading close to the lower limit. However, since the retest on April 11, the meme coin has shown interest by rallying 7% to where it currently trades - $0.14.
Going forward, investors can expect Dogecoin price to rally 17% and tag $0.17. Clearing this barrier is key in propelling the dog-themed crypto to $0.20. In total, this run-up would constitute a 35% gain.
DOGE/USDT 1-day chart
Supporting this uptrend for Dogecoin price is IntoTheBlock’s Global In/Out of the Money (GIOM) model, which shows that the immediate hurdle is weak. Therefore, the DOGE price could face some trouble in the next cluster that extends from $0.15 to $0.20. Here, roughly 335,000 addresses that purchased 11 billion DOGE are “Out of the Money.“
Therefore, a move into this range is likely to result in pushback from the selling pressure of underwater investors rushing to break even.
DOGE GIOM
On the other hand, a daily candlestick close below $0.133 will invalidate the bullish thesis for Dogecoin price by flipping the said barrier into a resistance level. In this case, DOGE could trigger a 10% crash to retest the $0.11 support level.
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.