Market

DOGE can increase 30% if it breaks this resistance

DOGE price appears to be preparing for a 30% rise as the bulls attempt to break a key area of ​​resistance. A technical indicator shows that there are more buyers than sellers in the market, which gives credibility to the bullish forecast.

Next goal is $ 0.224

DOGE has formed a symmetrical triangle with a measured movement of 30% on the 12-hour chart.

The Arms Index (TRIN) is flashing below 1 (especially 0.69), which shows that buyers have an overwhelming, bullish forecast for DOGE.

However, to climb 30%, the price must break the upper bound of the corrective technical pattern at $ 0.172.

The way up is bumpy and DOGE will face another headwind at the 12-hour SMA 50 12-hour Simple Moving Average at $ 0.175, which coincides with a 50% retracement, then the 12-hour SMA 21 at 0.177 USD.

Other barriers will appear at the 61.8% retracement at $ 0.186 and then the 12-hour SMA 100 at $ 0.191. Before we get any closer to the bullish target, another hurdle will arise at the 78.6% retracement at 0.201.

DOGE / USDT 12 hour chart. Source: TradingView

If there is enough pressure to buy, Dogecoin price could rise 30% to hit the bullish target at $ 0.224, which is near the resistance line created by the reversal indicator (MRI) and the 200 12-hour SMA .

However, when a surge in sell orders does occur, the price has immediate support at the lower bound of the symmetrical triangle at $ 0.167, which coincides with the support line at the MRT. While this is a solid level for DOGE, if more selling pressure builds, the meme coin can slide to the 38.2% retracement at $ 0.165.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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