Price Analysis

Is Dogecoin (DOGE) Price Preparing for a Massive Move: Will a 20% Rise be Materliased With the Next Move?

While the broader market sentiments are stuck within the bullish and bearish pressures, the majority of the tokens are failing to sustain above the gains. Among them is the popular memecoin Dogecoin, which is preparing for a major move. The DOGE price is trading within a minor range with fewer price variations due to a restrictive influx of buying volume. In such a case, can the DOGE price trigger a 20% upswing to mark a rise above the bearish influence?

Gone are the days when the DOGE price rally was the main focus of the crypto markets, which had overweighted other cryptos, including Bitcoin. After the infamous bearish attack initiated by the DOGE price plunge in 2021, the memecoin has lost most of its traction. Further, the emergence of the primitive memecoins has plucked attention towards them and away from the very first one. 

Now that the token is closely following the other tokens, similar to the other altcoins, a steep rise appears to be a tedious but possible expedition. 

As suggested in the above figure, the DOGE price is trading within an ascending range but within a rising wedge. This pattern usually results in a minor pullback, demonstrating a minor loss of bullish strength. The DMI flipped to a neutral phase and the Ichimoku cloud displayed some possibility of a reversal but to undergo a bullish crossover, more squeeze is expected. However, the ongoing phase shows more pressure being piled up over the token, which could result in a breakout, probably towards the north. 

In such a case, the Dogecoin price might rise by 8% to 10% initially and reach one of the important resistance levels at $0.18. If the bulls display their strength at this point, a rise above $0.2 may occur, which may further push the prices beyond the current yearly highs. This trading setup displays a minor possibility of a retracement but if the bears manifest their strength, a plunge below $0.15 may be imminent.

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