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- Dogecoin price has broken out above a descending trend channel that acted as resistance throughout December.<\/strong><\/li>\n
- DOGE has the potential to rally to the midway point of the recent downtrend.\u00a0<\/strong><\/li>\n
- Invalidation of the bullish thesis is a breach below $0.065.<\/strong><\/li>\n<\/ul>\n
Dogecoin price could make a move for December’s liquidity zones. Traders should keep a close eye on DOGE in the days to come.\u00a0<\/p>\n
Dogecoin price set to make a bullish move<\/strong><\/h2>\n
Dogecoin price is well known for making sudden trend reversals and random\u00a0rallies. On January 4, DOGE shows subtle signals suggesting a change in market behavior. Although the trade idea would be risky, the bulls could pull off a 20% hike\u00a0targeting $0.090.<\/p>\n
Dogecoin price currently auctions at $0.072. During December, the notorious meme coin fell by 33%, the largest<\/a> monthly decline in all of 2022. The move south was aided by resistance from a descending parallel channel that persistently rejected the bullish countertrend attempts on December 5, 13 and Christmas.\u00a0<\/p>\n
On January 1, the bulls finally closed above the troublesome barrier and have since climbed up by 4%. At the time of writing, the bulls have successfully reconquered the 8-day exponential moving average. The next hurdle wil be the\u00a0 21-day simple moving average of $0.074. A 4-hour candle stick close above the aforementioned indicator could catalyze a sharp uptrend rally to collect liquidity near the $0.090 zone. The target zone is the midway point<\/a> of December’s 33% mudslide.<\/p>\n
![\"tm\/doge\/1\/4\/22\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/DOGEUSDT_2023-01-04_16-58-10-638084682495710940.png\")
<\/a><\/p>\nDOGE\/USDT 1-Day Chart<\/small><\/strong><\/p>\n
Invalidation of the uptrend depends on the swing low within the descending trend channel at $0.065 remaining unbreached. A breach of the barrier could catalyze a decline toward the October trading range near $0.060 even. DOGE would decline by 17% if the bearish<\/a> scenario occurred.<\/p>\n
\n - DOGE has the potential to rally to the midway point of the recent downtrend.\u00a0<\/strong><\/li>\n