😱🚀Dogecoin Price Prediction: Why is this week important for DOGE holders?
The Dogecoin price is approaching the critical barrier of $0.0814, which could make or break the meme token.
The next weekly candle close is make or break for DODGE and could trigger a breakout move.
Investors can expect a rapid rally of 17% to $0.0814, which will push memecoin to $0.106.
The price of Dogecoin (DOGE) has recovered from the downtrend line, which has been setting the dominant downtrend for about a year. The breakout, while very important, needs to clear one more critical hurdle before the DOGE can take off.
The price of Dogecoin is close to breaking
The Dogecoin (DOGE) price has produced five low highs and low lows since October 31, 2022. Connecting the oscillation highs using a trend line reveals a decreasing Tuesday resistance level. On October 23, the DOGE produced a weekly candlestick above this barrier, signaling a breakout.
This development is key for the Dogecoin price as it points to a potential trend reversal. However, a key hurdle that will decide whether the doge will solidify an uptrend is located at the $0.0707 level. A weekly candle closing above this barrier will lead to a 17% rally to $0.0814.
Supporting this uptrend is the weekly Relative Strength Index (RSI), which has recently risen above the 50 average levels, suggesting an uptick in bullish momentum. Removing this barrier will allow the Dogecoin price to tag the $0.106 barrier. This move will create a gain of 51%.
On the other hand, if the Dogecoin price is rejected from $0.0707, it could threaten a steep correction. In order for the bullish thesis to be invalidated, the doge needs to produce a weekly candlestick close to below $ 0.0573, which will lead to a lower decline and indicate the continuation of the downtrend. In such a case, the Dogecoin price may slide by 16% and label the $ 0.0495 support level.
