Dogecoin Testing the Crucial Support: Will It Revamp a Strong Run to $0.2 or Face a Rejection to $0.15?
The post Dogecoin Testing the Crucial Support: Will It Revamp a Strong Run to $0.2 or Face a Rejection to $0.15? appeared first on Coinpedia Fintech News
The latest rise in the Dogecoin price has made the market participants more bullish over the token. With a significant rise in the buying pressure, the price managed to surpass the crucial resistance at $0.16. However, the levels appear to have remained consolidated below $0.175 which suggests the bulls are preparing for another run. In such cases, the possibility of a major upswing has become more familiar but with a major twist.
The memecoins have gained huge attention, largely due to Elon Musk, who revealed his plans to save $2 trillion in taxpayer money during Donald Trump’s presidential campaign. Since then, the token has maintained a strong incremental range and is attempting to break above the multi-year consolidation zone. Moreover, the technicals have turned bullish in the long term, which suggests the memecoin is gearing up for another 2021-like bull run.
Ever since the DOGE price rose from a deep sleep, traders have become extremely optimistic about the upcoming price action. The pattern formed is similar to the 2021 bull run; hence, a similar outcome is expected to occur soon. The price is testing the upper resistance of the symmetrical triangle and the current market dynamics suggest a breakout could be mandatory. Besides, the RSI formation also displays a 2021-like pattern, which substantiates the bullish claim.
The DOGE price was about to experience a Golden Cross in a short time frame. Interestingly, it is expected to experience a similar event in the long term, which has raised hopes for a 2021-like bull run. Previously, when the Dogecoin price broke out from the consolidation, the levels soared from around $0.003 and marked the highs at around $0.72. Now that the levels are hovering around $0.17, a breakout may elevate the levels not only above $1 but could form a new ATH above a two-digit figure as well.