Dogecoin (DOGE) Nears an 18% Breakout – Price Analysis

  • Dogecoin should overcome the resistance confluence of around $0.163 for massive upward moves.
  • A daily candle close beyond this obstacle will likely unveil an 18% upside to $0.194.
  • Meanwhile, losing the support level of $0.128 will cancel DOGE’s bullish thesis.

Dogecoin price remained stuck with lower peak since hitting its ATH in 2021 May. Recent actions had the original meme coin hovering beneath a resistance confluence. A breakout from this zone will be vital in triggering an upward trend for this digital currency.

Dogecoin Price Function

Dogecoin has battled to keep momentum after every rally, suggesting a massive profit-taking influx. That has led to four lower peaks since 30 November 2021. Moreover, the canine-themed crypto left multiple liquidity zones beyond the $0.215 mark.

Connecting the swing peaks with a trend line suggests a resistance zone that matches the weekly obstacle around $0.163. Therefore, overcoming this blockade remains critical for Dogecoin’s upward move.

Presuming DOGE price switches this zone into the footing, it will likely witness an explosive move towards $0.194, translating to an 18% upside move. Some scenarios will see Dogecoin extending the upward action towards $0.215 and gathering liquidity above the mark. That would reveal a 31% total surge for Dogecoin. Furthermore, the upside move for DOGE might pause at this level.

While everything appears tense for DOGE price, failure to overcome the confluence at $0.163 will show buyers’ weakness. Such moves will likely drag the meme asset lower to explore than the $0.129 mark. A 4hr candlestick close beneath this barrier will form a lower low and cancel DOGE’s bullish thesis.

Meanwhile, breaching the last defense line will prove disastrous for Dogecoin as the meme coin might suffer a crash towards the $0.08 value area.

For now, Dogecoin appears prepared for upside actions, edging close to an 18% breakout. However, the meme coin had to overcome a resistance confluence near $0.163 for the massive uptrend to emerge. A 24-hour candlestick close beyond this level will see DOGE achieving its optimistic goals with fewer hurdles. Nevertheless, losing the support barrier at $0.128 will cancel the token’s upside hopes in the near term.

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