- DOGE price lost 25% from the swing peak of $0.217, securing support at the barrier around $0.163.
- Bullish strength resurgence might catalyze a 30% surge for the meme coin.
- Losing the support level at $0.134 will cancel the bullish case.
Dogecoin (DOGE) has seen its three massive upside moves encounter blockade at a similar obstacle. The latest rally could not breach this zone, translating to a swift correction. However, the downswing appears to secure a dependable support barrier, confirming price reversals.
DOGE Price Ready for a Turnaround
DOGE saw a 51% upward movement after Elon Musk’s declaration on 14 January. However, the announcement could not sustain the strength, translating to a colossal drop.
So far, the original meme token has surged past resistance at $0.215 thrice but fell beneath the mark with each attempt. The retracement from the latest rally has the coin wavering near the weekly barrier at $0.163, beneath 50-day SMA around $0.172.
For now, the canine-themed cryptocurrency awaits buying momentum resurgence to trigger a 17% surge towards $0.194. Though this obstacle can prevent further surges by DOGE price, overcoming it will mean a continued uptrend by the dog coin.
Market makers might be eyeing the buy-stop liquidity beyond the resistance barrier at $0.215. For that reason, market players may expect a slight surge towards $0.215, translating to a 30% upside movement.
Dogecoin’s failure to maintain beyond the support level at $0.163 might lead to retracements towards the daily demand region, stretching from $0.134 to $0.153. Here, DOGE buyers will have another opportunity to trigger an uptrend.
A lower low will emerge, annulling the bullish narrative if the meme token forms a daily candle close beneath $0.134. Such a move might see Dogecoin dropping towards the support level of $0.129.
Dogecoin eyes a 30% upsurge as bulls end the retracement period. Meanwhile, the meme token will depend on the overall crypto market sentiment for its decisive direction. While publishing this article, the cryptocurrency industry flashes slight uptrends. The global crypto market capitalization saw a 1.11% surge within the last 24 hours, hovering around $1.98 trillion.
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