Dogecoin Price Analysis: Range Breakout May Pump DOGE Price by 18%
The Dogecoin(DOGE) price has been stuck between the $0.05 and $0.063 barriers for a week now. The consolidation may bring a directional rally once it breaks out from either of its extreme levels. Anyhow, the RSI indicator suggests growth in bullish momentum, indicating a better possibility of a $0.63 breakout.
Key points:
- The fast-moving 20-day EMA gives dynamics resistance
- The $0.063 breakout may surge DOGE price by 18%
- The 24-hour trading volume in the Dogecoin coin is $780.3 Billion, indicating a 23% loss.
Source-Tradingview
Responding to widespread uncertainty in the crypto market, the DOGE buyers temporarily stalled the ongoing pressure at $0.075. From 11th May to 10th June, the coin price wobbled in a short range, stretching from the $0.0935 to $0.075 barriers.
However, June’s second-week sell-off triggered the $0.075 fallout and plummeted the DOGE price by 32.75%. As a result, the downslide reached a 25th March 2021 support of $0.05.
Furthermore, the DOGE resonated between the $0.063 and $0.05 mark for more than a week. The double retest to both these barriers validates another consolidation in price action.
This trading set-up should offer another entry opportunity for traders interested in Dogecoin.
Therefore, if memecoin breach the overhead resistance of $0.063, the buyers may drive a relief rally to the $0.075 or under a strong bullish scenario of $0.093.
Alternatively, the $0.05 fallout could sink the DOGE coin to $0.04 psychological support.
Technical indicator
Since May, the DOGE price has been trading between the mid and lower band of Bollinger band indicators, suggesting aggressive selling in the market. However, the coin price hovering above the lower band support encourages the reversal theory.
Amid the ongoing consolidation, the daily-RSI slope rallying higher indicates the buyers are wresting control from sellers. This divergence reflects a better possibility for a $0.063 breakout.
- Resistance levels- $0.063 and $0.075
- Support levels- $0.05 and $0.04
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