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- Dogecoin price coils up around the $0.088 support floor, indicating a volatile move is around the corner.<\/strong><\/li>\n
- Investors can expect DOGE to trigger a 40% upswing to $0.125 if bulls manage to flip the $0.101 hurdle.<\/strong><\/li>\n
- A daily candlestick close below $0.062 will invalidate the bullish thesis.<\/strong><\/li>\n<\/ul>\n
Dogecoin price has been consolidating for the last five days, hinting at an explosive move. Since this development is occurring above a stable support level, there is a good chance the resulting breakout will propel<\/a> DOGE higher.<\/p>\n
Dogecoin price to move higher<\/strong><\/h2>\n
Dogecoin price rose 45% from $0.065 to $0.095 and flipped above the $0.087 barrier. This development comes after DOGE crashed 50<\/a>% since May 6. This recovery is likely to continue heading higher but this move will not be an easy one.<\/p>\n
Since Dogecoin price is coiling up, a volatile move is what investors can expect. Considering that this range tightening is occurring above a stable support level, the chances of a bullish breakout are higher.\u00a0<\/p>\n
Beyond a bullish breakout, the DOGE bulls need to slice through the $0.101 hurdle to head higher and retest the $0.125 target. This move would constitute a 40% upswing<\/a> from the current position at $0.088.<\/p>\n
![\"DOGE\/USDT](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/DOGEPERP_2022-05-18_08-41-53-637884450424372268.png\")
<\/a><\/p>\nDOGE\/USDT 4-hour chart<\/small><\/p>\n
Supporting this bullish outlook for Dogecoin price is the extremely oversold state of the 365-day Market Value to Realized Value (MVRV).<\/p>\n
This on-chain metric is used to determine the average profit\/loss of investors that purchased DOGE over the past year. Based on Santiment\u2019s research, a value below -10% indicates that short-term holders are at a loss and are less likely to sell.\u00a0<\/p>\n
More often than not, this is where long-term holders accumulate. Hence, any move below -15% is termed an \u201copportunity zone.\u201d\u00a0<\/p>\n
For DOGE, the 365-day MVRV is hovering at -58%, which is much lower than the March 2020 value at -38%. This value represents that a majority of the DOGE holders are underwater and are unlikely to sell. It also indicates that the dog-themed crypto is in a good accumulation position.<\/p>\n
- Investors can expect DOGE to trigger a 40% upswing to $0.125 if bulls manage to flip the $0.101 hurdle.<\/strong><\/li>\n