DOGE Price : Dogecoin HODLers Can Reap 50% Gains By Entering At This Level

The post DOGE Price : Dogecoin HODLers Can Reap 50% Gains By Entering At This Level appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

After meeting its aim, the price of Dogecoin is slowing as it approaches a resistance level. DOGE is anticipated to come down to steady support levels as a result of this convergence and investors booking profits.

DOGE Price Analysis

The DOGE Price has dropped about 85% from its all-time high and is now hovering at $0.16. From September 29, 2021, to March 23, 2022, the price of this dog-themed cryptocurrency established three different lower highs and lower lows. A falling wedge pattern emerges when trend lines are used to connect these swing points.

By adding the distance between the initial swing high and swing low to the breakout point, this technical structure predicts a 34 percent upswing. The breakout happened on March 24th at around $0.130, putting the goal at $0.178. 

The Dogecoin price managed to reach the aforementioned target due to the increase in volatility, but it was unable to continue its momentum. As a result, DOGE started taking corrective action. DOGE has plummeted to $0.16 thus far, and it appears that there will be more downside to come.

The solid support level of $0.14 appears to be the greatest option for absorbing selling pressure while allowing stalled purchasers to purchase Dogecoin at a discount. Such a situation is likely to spark a positive rise in Dogecoin’s price, propelling it to $0.178; in a more bullish scenario, the $0.216 barrier.

More gains Ahead For Dogecoin?

This upswing would amount to a 50 percent increase when added together, and it is likely that the upside for Dogecoin price is limited. As a result, patient buyers will benefit more from waiting for a perfect retest.

The recent increase in on-chain volume from 689 million to 5.95 billion in the last three days has aided the upward trend in Dogecoin price. This significant increase in on-chain volume implies that the current Dogecoin price is generating a lot of interest from investors.

As a result, cash may be streaming into the DOGE blockchain, implying that a big rally in DOGE is on the horizon.

Regardless of the optimistic technical and on-chain outlook for Dogecoin price, a daily candlestick closure below the $0.124 resistance level will invalidate the bullish thesis and precipitate a major fall to $0.085.