Dogecoin (DOGE) Hints at 60% Bullish Rally – Price Forecast
Dogecoin continues to witness increased adoption despite arriving on the market as an internet joke. Recently a Vancouver-based Meat Firm introduced DOGE payments via BitPay. The meat company that connects local farmers with consumers also allows individuals to buy meat products...
– DOGE price currently bounces off the demand zone, stretching between $0.127 and $0.137.
– A surge in buying will likely trigger a 60% surge to $0.215 for DOGE.
– A 24Hr candlestick close beneath $0.127 will annul Dogecoin’s bullish thesis.
Dogecoin (DOGE) faces exhaustion following the latest surges, triggering a slight retracement. The downward movements had the token dipping into a demand territory, revealing the probability of a swift upswing.
DOGE Price to Launch another Upsurge
The original meme coin lost nearly 14% following a 40% run-up from 14 March. Though the retracements will allow $DOGE buyers to recover, it emerged as Bitcoin incurred sudden downswings. Meanwhile, the correction has Dogecoin retesting the demand region at $0.127 – $0.137. This level will offer bulls additional vigor to launch another uptrend.
The resulting leg-up will propel Dogecoin towards the weekly resistance area at $0.163 – $0.194. Overpowering these obstacle remains vital for market makers to gather buy-stop liquidity resting beyond the barrier at $0.194.
Therefore, this upswing would mean a 60% return for traders willing to capitalize on the opportunity, and it is time for the move as DOGE retests the daily demand region.
While things seem up for DOGE price, violating the demand region will mean the end of bullish reactions. A 24hr candle close under $0.127 will cancel the bullish narrative by producing a lower low. Such a move would also run another demand area, depicting an increase in selling momentum.
In such a case, market players may expect the alt to correct towards the support of $0.109. Buyers can regroup in this area to attempt another surge.
Dogecoin continues to witness increased adoption despite arriving on the market as an internet joke. Recently a Vancouver-based Meat Firm introduced DOGE payments via BitPay. The meat company that connects local farmers with consumers also allows individuals to buy meat products online.
Meanwhile, the crypto market struggles to recover following the EU vote against anonymous cryptocurrency transactions. Dogecoin has lost nearly 7% within the past day (Coinmarketcap data). Also, Bitcoin lost ground, losing approximately 4.9% over the past day, changing hands at $44,995.01 at this writing. However, analysts predict massive gains in the coming weeks, supporting DOGE’s upward case.
Stay tuned for more developments in the crypto space.