Dogecoin ready for bulls as soon as key resistance is broken

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Dogecoin (DOGE) price appears to be bracing for a 30% high if the bulls manage to break above a key resistance area. Thus, this is the opinion of analyst and daytrader, Sarah Tran, who suggests that a technical indicator points to more buyers than sellers in the market, adding credibility to the optimistic forecast. Therefore, according to her, Dogecoin price has formed a symmetrical triangular pattern on the 12-hour chart, with a measured move of 30%. “The Arms Index (TRIN) shows a reading below 1 and at 0.69, which suggests that there are more buyers than sellers in the market, indicating a bullish forecast for DOGE,” he said. However, he notes, in order for the predominant chart pattern target of a 30% rise to be on the radar, Dogecoin price must drop above the upper limit of the current technical standard at $ 0.172.

Dogecoin (DOGE) Price

Therefore, Dogecoin price will face additional headwinds at the $ 0.175 12-hour Simple Moving Average (SMA), coinciding with the 50% retracement level, and then at the $ 21 12-hour SMA. 0.177. Therefore, further hurdles will appear at the 61.8% Fib retracement level at $ 0.186, then at the 12-hour 100 SMA at $ 0.191. Therefore, he signals that before the DOGE bulls manage to mark the bullish target, another hurdle will emerge at the 78.6% Fib retracement level at $ 0.201.
DOGE / USDT 12-hour chart
Therefore, he notes that if there is enough buying pressure, the Dogecoin price could rise 30% to hit the bullish target presented by the prevailing chart pattern at $ 0.224, close to the resistance line given by the Reversal Indicator. at the moment (MRI) and the 12-hour SMA 200. “However, if there is an increase in sell orders, the price of Dogecoin may find immediate support at the lower limit of the symmetric triangle at $ 0.167, coinciding with the support line provided by MRI, ”he said. Therefore, she believes that this level should act as a credible foothold for DOGE, but if there is more selling pressure, the token could slide towards the 38.2% Fib retracement level at $ 0.165. Also read: Bitcoin analysis: BTC about to break support Read also: Goldman Sachs: Bitcoin could hit $ 100K if it takes 50% of the gold market Read also: Analyst points to four cryptocurrencies that could appreciate up to 1,000%

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Dogecoin ready for bulls as soon as key resistance is broken

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