The price of Dogecoin is seeing selling pressure as it nears the significant resistance level of $0.0814.
The outcome for $DOGE #BULLS hinges on whether there is a definitive weekly candlestick closure above this particular threshold.
A profitable transaction has the potential to pave the way for a significant increase in value of the meme coin, resulting in a 20% surge to reach $0.083.
The price of #DogeCoin (DOGE) has recently deviated from its long-term dropping trend line, which has been indicative of a prevailing negative trend for approximately one year. The breakout, albeit of significant importance, must successfully overcome an additional crucial obstacle before DOGE may see substantial growth.
The price of Dogecoin is approaching a potential breakthrough.
The price of Dogecoin (DOGE) has exhibited a pattern of five consecutive lower highs and lower lows since October 31, 2022. By drawing a trend line that connects the highest points of the swings, it becomes evident that there is a downward trend in the resistance level. The weekly candlestick closure above the aforementioned barrier on October 23rd indicated a breakthrough in the case of DOGE.
The aforementioned occurrence holds significant importance for the price of Dogecoin, as it suggests the possibility of a reversal in the prevailing trend. However, a significant obstacle is there at the price level of $0.0707, which will determine if DOGE will stabilize and begin an upward trend. The attainment of a weekly candlestick closure over this threshold will initiate a 17% surge, resulting in a value of $0.0814.
The current upward trend is reinforced by the weekly Relative Strength Index (RSI), which has lately above the 50 mean levels, indicating an increase in bullish momentum. The successful removal of this obstacle will enable the #DogecoinPrice to reach the $0.106 threshold. This action would result in a fifty-one percent increase.
Conversely, in the event that the price of Dogecoin encounters resistance at the level of $0.0707, there is a potential for a significant downward correction. In order for the bullish thesis to be deemed invalid, it is necessary for DOGE to achieve a weekly candlestick closure below the price level of $0.0573. This particular scenario would result in the formation of a lower low, thus indicating the persistence of the ongoing downturn. In the event described, there is a possibility for the price of Dogecoin to see a decline of 16% and reach the support level of $0.0495.
