- The Dogecoin price moves above the demand zone between $ 0.280 and $ 0.311.
- A jump above this barrier would open the way for a rise of about 30% to $ 0.40.
- Should DOGE hit a lower low below $ 0.273, it would invalidate the bullish thesis.
The Dogecoin price is comfortably above a stable support level and is waiting for an increase in buying pressure, which will trigger a new upward trend.
Dogecoin price is aiming for a new high
Dogecoin price tested the supply barrier between $ 0.280 and $ 0.311 on August 13th and broke it on August 15th. That spike didn’t last long, but a second rally turned the area into a demand barrier. DOGE is currently above this support area awaiting the start of a new upswing.
A potential spike in buying pressure pushing Dogecoin price above the $ 0.327 resistance level would open the way for a higher high above the previous swing high at $ 0.352 and even target the supply barrier at $ 0.367.
If the bulls hit a 12-hour candlestick close above $ 0.367, the $ 0.400 resistance level will be within reach for buyers. Overall, this would be a 26% increase to $ 0.400 from its current position at $ 0.316.
DOGE / USDT 12-hour chart
While things seem to be working in favor of the Dogecoin price, a relapse into the demand zone between $ 0.270 and $ 0.311 would jeopardize the uptrend. Should the sell-off continue and close below the $ 0.273 support level, it would invalidate the upside hypothesis.
In such an event, a potential spike in selling pressure could trigger a sell-off that drops DOGE 15% to $ 0.230.