By Nathan Ferguson
- Dogecoin price displays bullish signals after the meme token recently overpowered a month-long resistance zone.
- Transaction data supports a minor surge to $0.150.
- A 4hr candle close beneath $0.106 will print a lower low and annul DOGE’s bullish narrative.
The latest run-up had Dogecoin price shattering downtrends and displays signals of possible upswings in the up-and-coming sessions. Though the original meme coin encounters temporary slowdowns, enthusiasts may anticipate a massive comeback from bulls soon.
Dogecoin Contemplates More Gains
DOGE price printed multiple lower peaks as the token lost nearly 40% over the past 40 days. Meanwhile, the plunging trend-line has stopped Dogecoin from surging. Nevertheless, 18 March sessions had DOGE on a massive buying momentum that resulted in breakouts. Though the meme coin retraced after that, it kept the bullish structure. With that, market participants can wait for a continued uptrend by Dogecoin.
The alternative coin will meet its first hurdle at $1.40, and conquering this challenge will see DOGE retesting the barrier at $1.150. That would mean a 27% upward move from Dogecoin’s current price – $0.120.
The GIOM model by IntoTheBlock supports Dogecoin’s bullish outlook. The index shows DOGE’s next resistance cluster is somewhat steady and stretches between $0.126 and $0.155. Here, nearly 250,000 addresses that bought about 25.15 billion Dogecoin tokens remain out of money. Therefore, DOGE moving into the cluster might lead to selling momentum by these underwater traders. Thus, enthusiasts can expect the meme token piercing this zone and form a local high in the earlier mentioned range.
Whales appear dispassionate in DOGE at current levels despite transaction data supporting bullishness. Transfers worth over $100,000, which represents high-net investor’s interest, have declined to 688 from 1,800 within the previous three months.
The 30% drop shows that Dogecoin does not excite these investors. That shows Dogecoin might encounter challenges in the upside journey amid inadequate momentum.
Despite DOGE’s optimism, a 4hr candle close beneath $0.106 will form a lower low and annul the bullish narrative. That might see the dog coin losing 30% to revisit the $0.074 support barrier. Buyers can launch another comeback at this level.