Dogecoin (DOGE): Breaking This Vital Resistance Can Trigger 30% Surge
- DOGE price might gain30% to $0.224 if bulls conquer one crucial obstacle.
- A technical indicator shows that buyers can reverse the underperformance period.
- Increased selling pressure will see Dogecoin securing dependable support around the $0.167 mark.
Dogecoin’s (DOGE) price seems to prepare a 30% upward move. However, bulls need to battle one critical resistance for such a narrative to play out. A technical indicator shows buyers exceeding sellers in the marketplace, supporting DOGE’s optimistic prediction.
DOGE Price Aims $0.224 Next
The twelve-hour price chart show DOGE created a symmetrical triangle setup, suggesting a 30% move. Moreover, TRIN flashes a reading under 1 (0.69), indicating fewer sellers than buyers in the space. That authorizes a bullish prediction for the original meme coin.
Nevertheless, the DOGE price has to slice beyond the primary technical pattern’s top boundary at $0.172 to accomplish the prevailing chart’s 30% upward target. Meanwhile, the dog coin will encounter hassles at 50 12hr Simple Moving Average at $0.175, matching 50% retracement zone, then around the 21 12hr Simple Moving Average around $0.177.
More hurdles will emerge around the 61.8% FIB retracement zone at $0.186, then 100 12hr Simple Moving Average at $0.191. Furthermore, Dogecoin bulls will meet another challenge at 78.6% FIB retracement of $0.201 before bulls attain the optimistic goal.
If sufficient buying momentum surfaces, DOGE price might surge 30% to accomplish the optimistic aim by the prevailing chart formation at $0.224. The target sits around the Momentum Reversal Indicator’s resistance and 200 12hr Simple Moving Average.
If a surge in sell orders happens, the meme coin might shift to downtrends. DOGE might secure immediate support around the symmetrical triangle’s bottom level at $0.167, matching the MRI’s support line. This zone should serve as a dependable footing for Dogecoin. Nevertheless, further selling pressure might push the meme token lower to 38.2% FIB retracement at $0.165.
Meanwhile, analysts believe DOGE will see a lucrative 2022 as far as price actions are concerned. No one knows when the upward party will begin, but the meme coin can crack its near-term headwinds for upward movements.
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