Dogecoin [DOGE]: Mid-range flipped into demand zone could mean…

ambcrypto.com:

Dogecoin price shows an interesting development after its breakout from a bullish setup on 23 March. The initial move was volatile, however, DOGE seems to be stuck consolidating, hinting at an explosive, especially when on-chain metrics show that whales are increasing their rate of accumulation.

Dogecoin price action from 29 September, 2021, to 23 March has created three distinctive lower highs and lower lows as it crashed 85% from its all-time high at $0.744. Connecting the swing points in this downtrend forms a falling wedge pattern.

While this setup is popular, it forecasts a 34% upswing, obtained by measuring the distance between the first swing high and swing low. Adding this distance to the breakout point reveals a target of $0.178.

On 24 March, Dogecoin price shattered through the falling wedge’s upper trend line at $0.130 and has been stuck in consolidation ever since. The sideways movement seems to have undergone a bullish development as DOGE recently rallied above the 50-day and 100-day Simple Moving Averages (SMA) at $0.132 and $0.139.

This uptick and flip of the crucial hurdles will now serve as a support level that will facilitate a further uptrend. Therefore, investors need to keep a close eye on the meme coin as it could explode.

Interestingly, enough, a breakout will likely propel DOGE by 28% to the first target at $0.178, which also happens to coincide with the 200-day SMA. Therefore, this barrier is likely where Dogecoin price will form a local top.

However, if buyers band together and clear this hurdle, the momentum could be enough to trigger an extension of the uptrend to the $0.216 ceiling. This leg-up, however, would constitute a 51% gain.

DOGE Perpetual Futures | Source: Tradingview

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