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Dogecoin course: Take a break – but DOGE is preparing a 30 percent rally

  • The Dogecoin price could experience a pullback before the next rise, eventually the MRI sends out a sell signal.
  • An 8% retracement to the upper limit of the demand zone at $ 0.311 appears possible.
  • A resurgence in buying pressure of $ 0.311 could push DOGE price up about 28% to $ 0.40.

The Dogecoin price has risen exponentially in the past 24 hours, breaking through an important supply zone and turning it into a support zone. While this move is positive, it needs to retest the newly formed demand barrier to confirm the presence of buyers.

If this succeeds, DOGE could soon initiate a new upward trend and approach the level before the crash on May 19.

Dogecoin course prepares for pullback

The Dogecoin price is up about 22% in the past 24 hours, breaking the immediate supply zone between $ 0.28 and $ 0.31. A correction is likely here given the extended rally and the sell signal shown by the Momentum Reversal Indicator (MRI).

This technical formation is forecasting a corrective move that suggests a decline to the immediate support level at $ 0.33. A larger number of investors taking profits could result in a breakout of $ 0.33 and a retest of $ 0.31, the upper bound of the demand zone.

Investors can expect a new return of buyers at $ 0.31 or $ 0.33, which would start a new uptrend.

The resulting upside momentum is likely to break the $ 0.37 level and make a run to the $ 0.40 resistance level.

Dogecoin course

DOGE / USDT 9-hour chart

However, should the retracement go further down and break below the $ 0.31 mark, DOGE will return to the demand zone between $ 0.28 and $ 0.31. While a consolidation within the mentioned range would only delay the upswing, a candlestick closing price in the 9-hour chart below $ 0.28 will make the upward thesis invalid.

In this case, market participants can expect the meme token to hit the $ 0.27 mark again.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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