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- Dogecoin price shows potential for a 20% upswing as it bounces off a stable support level.<\/strong><\/li>\n
- The resulting rally is likely to propel DOGE to $0.17, followed by a revisit to $0.20.<\/strong><\/li>\n
- A daily candlestick close below $0.133 will invalidate the bullish thesis.<\/strong><\/li>\n<\/ul>\n
Dogecoin price shows an interesting setup<\/a> that skews the favor for bulls and indicates that an uptrend has begun. Moreover, on-chain metrics signal little to no resistance up to certain significant levels.<\/p>\n
Dogecoin price follows Shiba Inu\u2019s lead<\/strong><\/h2>\n
Dogecoin price has been trading between the $0.11 and $0.17 barriers since March 24. After flipping the $0.11 hurdle into a foothold nearly three weeks ago, DOGE exploded by 20% to retest the $0.17 ceiling.<\/p>\n
A failure to flip this hurdle combined with the market structure of the crypto markets led to an eventual retracement to $0.11. As a result, DOGE was stuck trading close to the lower limit. However, since the retest on April 11, the meme coin has shown interest by rallying 7% to where it currently trades – $0.14.<\/p>\n
Going forward, investors can expect Dogecoin price to rally 17%<\/a> and tag $0.17. Clearing this barrier is key in propelling the dog-themed crypto to $0.20. In total, this run-up would constitute a 35% gain<\/a>.<\/p>\n
![\"DOGE\/USDT](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/DOGEPERP_2022-04-14_09-07-38-637855084780471743.png\")
<\/a><\/p>\nDOGE\/USDT 1-day chart<\/small><\/p>\n
Supporting this uptrend for Dogecoin price is IntoTheBlock\u2019s Global In\/Out of the Money (GIOM) model, which shows that the immediate hurdle is weak. Therefore, the DOGE price could face some trouble in the next cluster that extends from $0.15 to $0.20. Here, roughly 335,000 addresses that purchased 11 billion DOGE are \u201cOut of the Money.\u201c<\/p>\n
Therefore, a move into this range is likely to result in pushback from the selling pressure of underwater investors rushing to break even.<\/p>\n
<\/a><\/p>\n
DOGE GIOM<\/small><\/p>\n
On the other hand, a daily candlestick<\/a> close below $0.133 will invalidate the bullish thesis for Dogecoin price by flipping the said barrier into a resistance level. In this case, DOGE could trigger a 10% crash to retest the $0.11 support level.<\/p>\n
\n - The resulting rally is likely to propel DOGE to $0.17, followed by a revisit to $0.20.<\/strong><\/li>\n