Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?

Dogecoin price is currently hovering above $0.17 after a strong weekly surge of 6%, showing signs of renewed bullish momentum. The meme coin that had been on a downward trend is currently testing major resistance levels.

Once DOGE price overcomes this resistance, there may be a further rise. Nevertheless, even amid the recent momentum, DOGE stagnates in a lateral movement, with the risk of bearish force in the event it bounces on the support at $0.17.

The rising price is an indication of optimism within the market every week; the main reason is the anticipation of the launch of the Bitwise Spot ETF later this month. The broader crypto market declined by 1.67% in the past 24 hours, signaling a potential shift towards a bullish trend if the support holds.

Dogecoin  Price Poised for Major Price Surge Soon

According to a crypto analyst, the Dogecoin price eyes a bullish breakout. In a tweet posted recently, the analyst noted that there was a possible breakout on the weekly chart and the cryptocurrency was nearing the last stage of consolidation, then a huge price action. The trend in the chart resembles the previous surges, indicating an explosive increase in the near future.

The analyst also focused on the monthly chart, where he revealed the important cycles during which Dogecoin had had intense impulsive moves. These cycles with specific phases of consolidation show that in the near future, the cryptocurrency may experience another strong price surge.

Will DOGE Price Mirror 2021’s Historic Surge?

The crypto analyst is optimistic that Dogecoin is set to experience a major increase and make a comparison to 2017. Once a breakout and retest have been established, the structure of the coin seems to be prepared to a parabolic explosion.

This action is a reflection of the 2021 trend in the monthly chart and will bring a more aggressive rally. The analyst is aiming at a 10x to 33x growth with a price target of $2 and $5.

Will Dogecoin Price Breakout or Retreat?

As of the reporting time, DOGE price is at $0.17, marking a slight decrease of 2% in the past 24 hours.   The market has been exhibiting a consolidation trend with the price going between the support level at $0.17 and the resistance level at $0.18.

A significant tipping point above $0.18 might trigger an upswing, and the short-term aim is at $0.19 and $0.20. The detailed Dogecoin price analysis remains bullish in the near term.

The Relative Strength Index (RSI) is at 49, an indicator of a balanced market, neither overbought nor oversold. In the meantime, MACD presents a minor bearish indicator with a figure of the MACD line below the signal line, which points to the possibility of downward pressure.