• Dogecoin price appears to erase this week’s 30% increase, but hope still prevails.
  • Flipping the obstacle at $0.159 could trigger a swift surge towards $0.235.
  • A weekly candle closing beneath $0.078 will annul DOGE’s bullish outlook.

Dogecoin prices appear to struggle to break out on weekly timeframes regardless of the latest upside rally. Dogecoin should overturn this nearest obstacle to hit its targets even with the remarkable upswings.

DOGE Price Offers Another Opportunity

The downside moves to 0.109 from the $0.740 all-time high, having DOGE losing nearly 85% of its price within one year. Though the massive crash reflected the broad market downbeat, Dogecoin appears to have been tight-lipped longer than most alts.

Nevertheless, the downward correction produced three unique lower lows and lower highs, revealing a plunging wedge pattern when connected with trend lines. The technical setup predicts a 68% upsurge towards $0.235, obtained by adding the initial swing peak to swing low distance to the breakout level.

Though Dogecoin overpowered the topside trend-line around $0.139 on 26 April from a day scale standpoint, it should validate the move on its weekly timeframe. Such a development will show an uptrend started.

Another confirmation will showcase when the meme coin overturns the hurdle at $0.159 into a support barrier. In such scenarios, traders can accumulate Dogecoin and enjoy the wave towards the $0.235 predicted target.

Supporting DOGE’s bullish outlook is the 365-day MVRV model. This indicator determined the average loss/profit by investors that bought the alt over the previous year. A figure within -10% and -15% shows near-term investors at losses.

Surprisingly, long-term enthusiasts scoop amid such situations, forming local bottoms. Thus. The mentioned range is an ‘opportunity territory.’ Dogecoin’s 365 MVRV hovers at -38, showing trend reversal chances, matching the technical view.

Despite the examined bullishness, DOGE will move according to Bitcoin’s reactions. A swift crash by the bellwether crypto will ruin the pattern on most alts, including Dogecoin.

Such situations can see the crypto producing a weekly candle closing under $0.078. That would cancel the bullish narrative and trigger potential crashes towards $0.048.

Stay tuned for upcoming crypto updates.