DOGE price trades higher with modest gains on Friday. The recent price action tilts in the favor of bulls and indicates another uptrend might be round the corner. The bulls have completed a bullish setup.
- DOGE price prints gain for the fourth session in a row.
- The price has the potential to jump 30% as it harbors a crucial support level.
- The downside is capped near the 50-day EMA.
As of publication time, DOGE/USD is exchanging hands at $0.14, up 1.46% for the day. As per the CoinMarketCap, the 24-hour trading volume of the cryptocurrency is holding at $1,549,720,313 with more than 13% gains.
DOGE price moves north
DOGE price completed a ‘Rounded bottom’ formation that begins on February 11. The price shoots up 16% in a single day on April 5, followed by the steepest single-day decline at $0.14. After harboring the support around $0.13, the bulls again face the upside resistance barrier near $0.14.
As can be seen on the daily chart, the above-average volume with the rise in price signaled the bullish undercurrent. However, the bullish set-up suggests a 30% jump in the price from the current levels.
After tagging the highs around $0.18, the price retraced 27% to the lower level but bounced back immediately. Now, a resurgence in the buying pressure would first be the first upside hurdle at the horizontal resistance level at $0.16 followed by the 200-day EMA at $0.17.
In total, the DOGE price would see a surge of 30% from the current levels.
On the other hand, a failure to flip the upside hurdle would lead to a retracement in the price back toward $0.13.
Further, a daily candlestick below the $0.13 would amplify the selling toward the $0.11 mark.
MACD: The moving average convergence divergence holds above the midline with a neutral bias.
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