By Nathan Ferguson
Briefly –
- DOGE seems poised for a 64% upsurge as the token climbs towards the symmetrical triangle pattern’s top border.
- If the leading meme coin breaks past $0.269, it may see a bullish surge towards $0.435.
- Dogecoin might secure massive support at $0.242 with amplified selling pressure.
For now, DOGE prepares a 64% uptrend. However, the canine-themed cryptocurrency has to overcome one last obstacle before it sees the anticipated bullish movement. However, DOGE needs to rise beyond the descending trend-line (resistance) that has challenged the cryptocurrency since 3 June.
DOGE Has One Last Obstacle to Rally
According to the daily price chart, DOGE created a symmetrical triangle shape as bulls dominate gradually. Though Dogecoin consolidates, some considerable technical indicators support the crypto, confirming an awaited upswing.
The prevailing chart depicts a 64% DOGE rise if the virtual coin slices beyond the technical pattern’s upper boundary at $0.269. Before such an optimistic bull run, the meme coin has to clear the closest resistance level at 50% FIB retracement at $0.255.
If Dogecoin sees amplified buying strength to break past $0.27, the alternative coin will encounter another hurdle near the 61.8% FIB retracement, matching the 200 Day Simple Moving Average at $0.277. Meanwhile, more obstacles might showcase near the 78.6% FIB retracement at $0.310, then $0.351, 16 August peak before the highlighted bullish mark at $0.435.
However, Dogecoin remains inside a consolidation formation. The asset might oscillate in its primary technical shape until it records a decisive upside move plus increased buy orders. That means that the meme coin might witness a slight sell-off where the closest barriers at 100-day Simple Moving Average at $0.242 will serve as significant support.
Also, the IOMAP model adds credence to this support footing, showing that 80,240 addresses bought 14.74 billion Dogecoin tokens at $0.242, the average price. Meanwhile, the dog-themed asset has additional defense lines at 20- and 50-day Simple Moving Averages, sitting at $0.238 before plummeting lower to 38.2% FIB retracement at $0.233. Only amplified selling momentum can have DOGE tagging the triangle’s lower border at $0.213.
Stay tuned for the latest cryptocurrency updates.
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