- The price of Dogecoin has been steadily declining since October 2022.
- The recent rise above a significant resistance level suggests that DOGE may rise by 23%.
- If the $0.0707 support floor is decisively turned into a barrier, the bullish argument will be proven false.
From October 2022, Dogecoin’s price has continuously decreased. Now that this downtrend has sufficiently tightened, DOGE may be considering a breakthrough. The action could spark a rally to overcome immediate obstacles if it is successful.
Dogecoin price surges
After reaching a local peak at $0.159 in October 2022, Dogecoin’s price has established four unique swing lows. Between the buying climax at $0.0946 and the selling climax at $0.707, the downward trend has fluctuated.
After rising over the selling climax at $0.0707, DOGE now has to break through the intermediate resistance level at $0.0813 to begin its ascent. If the breakthrough is effective, a 23% rally might follow, tagging the purchasing climax at $0.0946.
The Awesome Oscillator (AO) and Relative Strength Index (RSI) momentum indicators both show a significant spike in momentum favouring the bulls, lending support to this optimistic forecast.
Also, the AO has generated two higher highs in addition to recovering above the zero-line and the RSI has flipped above the middle.
So, a very bullish scenario might see Dogecoin price return to the $0.106 resistance level, increasing the cryptocurrency’s price increase to 40%.
