The Dogecoin price suggests an exciting scenario that might result in big profits for investors. Following a short setback, this upswing will commence, allowing market players to grab DOGE at a discount.
For over three weeks, the price of Dogecoin is hovering around $0.087. The conclusion of the divergence was spot by the swing low on May 26 at $0.074, which launched a rally over the $0.082 barrier.
Dogecoin To Retrace Soon
This rally is still struggling to break through the $0.087 barrier, but given the oversold situation of the Bitcoin price, it looks to retrace shortly. As a result, there could be a drop in Dogecoin price at $0.082 the immediate support level.
While an upswing might potentially start here, market players should be ready for a further pullback to $0.076.
The price rebound from this level means that there will be a massive surge, sending Dogecoin price towards the resistance barrier at $0.101. This also happens to be the 200 four-hour moving average.
The expectations from the bulls, on the other hand, are to push this rally all the way to the $0.125 barrier, making the total gain to 52%.
DOGE To Follow Bitcoin
IntoTheBlock’s Global In/Out of the Money (GIOM) model backs up the bullish forecast for Dogecoin. The immediate investors who acquired around 19.46 billion DOGE is evident at $0.133, according to this indicator.
Approximately 358,000 addresses that purchased the meme currency are now “Out of the Money.” These are likely to break even and create selling pressure for the Dogecoin price if it falls into this range. As a result, DOGE’s upside is restricted at $0.133.
Regardless of the positive view or on-chain indicators, if Bitcoin price reverses, Dogecoin price will follow suit. A four-hour candlestick closure below $0.073 will nullify the negative outlook for DOGE in this situation.
As a result, Dogecoin’s price may return to the $0.062 support level, where purchasers may regroup and prepare a comeback