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Dogecoin Price Forecast: DOGE bulls expect 27% upside

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  • Dogecoin’s price is consolidating within a crucial support zone, which extends from $0.21 to $0.23.
  • A bounce off the $0.21 barrier could propel DOGE to a 27% gain.
  • A break of $0.19 support will invalidate the bullish thesis.

Dogecoin price began a second uptrend attempt on September 29 as it formed a local low. Since this point, DOGE has pierced a crucial resistance area, but is having difficulty breaking above it.

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Dogecoin price expects a directional bias.

The price of DOGE rose 16% between Sept. 21 and Sept. 22, but was blocked by the demand barrier range of $0.21 to $0.23. After a failed attempt, DOGE retested the range low at $0.19 and put in the second attempt. However, the dog-themed cryptocurrency is facing a large number of sellers just below $0.23. Additionally, the momentum reversal indicator (MRI) showed a sell signal on the six-hour chart. This technical formation forecasts a correction

Assuming the flagship cryptocurrency continues higher and rises towards $50,000, Altcoins, including Dogecoin, will rally. If DOGE breaks above $0.23, it is likely to retest the 50% Fibonacci retracement at $0.27.

This would be a 27% upside move from the current position.

As a result, if Dogecoin fails to break above the $0.23 barrier and establish it as support, it will indicate weak buying pressure. DOGE could, in that case, press downward and break the $0.21 demand barrier.

An increase in selling pressure could push DOGE to $0.19, or even lower. Such a development would invalidate the bullish thesis and possibly trigger a drop to $0.18 or $0.16.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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