Dogecoin price makes its bullish case

(Akash Girimath – FXStreet)

– Dogecoin price shows a healthy flip of the $0.062 resistance barrier into a support level.

– Secondary confirmation of this flip will most likely be followed by a 23% rally.

– If DOGE produces a daily candlestick close below the range low at $0.049, it will invalidate the bullish thesis.

Dogecoin price is revealing an interesting development that paints a picture of what will happen next. Investors need to pay close attention to Bitcoin price as it has the power to undo this bullish signal for DOGE.

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Dogecoin price ready for more gains

Dogecoin price has penetrated above the low-time-frame resistance level at $0.062 and turned it into a support floor. If this momentum persists, the $0.049 to $0.078 range’s midpoint will also be flipped into a foothold.

These are two major developments that are required for Dogecoin price to trigger a 23% upswing to retest the range high at $0.078. This move will allow DOGE bulls to contest the high-time-frame resistance barrier at $0.082 and potentially flip it.

Only if the macro conditions are bullish, especially with Bitcoin price, can investors expect a flip of the $0.082 hurdle into a support barrier. Doing this could further extend the Dogecoin price rally by 13%, bringing the total gain to 40%.

On the other hand, if Dogecoin price fails to stay above the range’s midpoint at $0.063, it will indicate weakness among buyers. If this downswing produces a daily candlestick close below the range low at $0.049, it will invalidate the bullish thesis.

In such a case, Dogecoin price could revisit the $0.041 support level, where buyers will be in a position to attempt another run-up.