Dogecoin Price Will Rise 100% If This Key Level Holds, Crypto Analyst Says
After a gloomy August that rocked the crypto industry, Dogecoin has fallen. Following this, other cryptocurrencies have started to seek support in expectation of a rebound. Dogecoin is no different, but unlike many others, the advance near support is predicting a quick rebound that might treble the price.
Falls Wedge Pattern And Dogecoin
Crypto expert Simon on TradingView said Dogecoin has developed a falling wedge pattern due to its price collapse. As the currency maintains its collapsing wedge pattern, price ramifications arise. How well it holds its price might lead to a price breakout.
If bullishness continues, the first significant support zone is $0.096, which should be maintained. At this time, the crypto researcher said Dogecoin is trying to breach its downward resistance line. If it breaks here, a 50% rally may take it to $0.151.
If successful, this move will spark a major rally for DOGE. Next significant barrier is $0.151, therefore break this to continue the climb. "A breakout above $0.151 could pave the way for an advance toward the next resistance zones, potentially driving the price higher," the crypto expert says.
The crypto expert expects Dogecoin to reach $0.19 if this breakthrough occurs. While optimistic, this 100% increase will put it in the path of another key barrier right over $0.19, which may be difficult to breach.
The analyst recognizes a Dogecoin price breakdown, like any analysis. This might happen if Dogecoin can't stay above $0.096. A breach below a key support level might lower it.
To preserve bullishness, the crypto expert says momentum must continue. Being careful is crucial. The expert says a fall to $0.080-$0.087 might occur if momentum weakens at this level.
The crypto expert concludes by advising investors to monitor the DOGE price. “A daily close below this demand area could invalidate the bullish scenario and trigger further declines,” Simon said.
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