- Investors are on high alert as Dogecoin (DOGE) is at a crucial point.
- If buyers are able to flip this hurdle into a support floor, DOGE could see a 33% rally.
- DOGE is currently worth $0.07764 after a 13.08% increase in price over the last 24 hours.
Investors are on high alert as Dogecoin (DOGE) is at a crucial point which could either see a small swing or a pullback that could prepare the meme coin for a big rally.
Bulls seem to be exhausted as Dogecoin is testing the 34-day EMA at $0.0735, after the DOGE price printed a buy signal on June 13. This led to a 20% run-up that propelled DOGE over the $0.0680 point. If DOGE can get above this barrier, the crypto’s price could rally 12% to retest the $0.0820 resistance barrier.
This blockade cluster is essential to realize gains for the Dogecoin price. If buyers are able to flip this hurdle into a support floor, DOGE could see a 33% rally to $0.1090. This could lead to a 48% gain from DOGE’s current price point.
Dogecoin / TetherUS -1 day (Source: FXStreet).
On the other hand, if the Dogecoin price falls to $0.0735, it could signal that there is some weakness among the bulls. In this case, DOGE could fall back to the 8-day EMA at $0.0680. In addition to this, the bullish thesis could be invalidated if DOGE’s daily candle sticks close below this level.
DOGE will then probably pull back to the $0.0629 support floor.
Dogecoin / TetherUS- 1 day (Source: TradingView)
According to CoinMarektCap, DOGE is currently worth $0.07764 after a 13.08% increase in price over the last 24 hours and after a 33.05% increase over the last seven days.
The meme coin’s trading volume is also up by 192.25% and is currently standing at $1,183,277,350.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.