- Dogecoin price goes south to tag the demand zone at $0.109 – $0.124, indicating a potential bounce.
- Dogecoin producing a significant move past the topside trend-line around $0.139 could welcome a 68% upsurge to $0.235.
- A weekly candle closing beneath $0.078 will cancel DOGE’s bullish narrative.
Dogecoin (DOGE) traces a popular and optimistic setup on its weekly timeframe. Breaking from this pattern may catalyze bullish volatility for the canine-themed crypto. Volatility faded since the May 2021 record high.
DOGE Price to Explode Soon
Dogecoin’s price lost approximately 85% since its $0.740 lifetime high, setting a bottom near %0.109 in about less than one year. The dump came as the overall cryptocurrency industry recorded gradual downtrends. Nevertheless, DOGE could not recover incurred losses, unlike most alternative tokens.
Dogecoin’s slow downtrend formed three unique lower lows and lower highs. Connecting the swing levels with trend lines reveals a plunging wedge setup.
This technical pattern predicts a 68% upsurge towards $0.235, measured by gauging the swing high-low distance and adding to the $0.139 breakout zone. Though Dogecoin nearly broke out, it could not. As a result, DOGE crashed to tag the weekly demand territory at $0.109 – $0.124.
Enthusiasts can accumulate with hopes as the meme coin retests the mentioned demand region. The resulting rebounds may be crucial in catalyzing a colossal rally for DOGE.
Despite the optimism surrounding the canine-themed crypto amid underperformances, a southward move by BTC will see most altcoins, including DOGE, resorting to downside price movements. Dogecoin producing a weekly candle close beneath $0.078 will invalidate Dogecoin’s bullish case. Such cases could trigger a crash towards $0.048.
Also, the current bearishness in the overall marketplace can hinder DOGE’s uptrends. The broad market succumbed to a bloodbath over the previous day.
The market capitalization of all digital tokens stood at $1.78 trillion, following a 3.69% dip within the past day. Keeping these conditions could open gates for a DOGE weekly candle closing beneath $0.078. Such a move would ruin the bullish picture as bears control the market.
Stay around for the latest developments in the crypto market.