Dogecoin price has shown clear signs of struggle over the past few weeks. Every attempt to breach higher was met with stiff resistance that resulted in a prolonged downtrend. But as DOGE tightens into a range, investors are waiting for a bullish breakout.
Also read: Dogecoin Price Prediction: History suggests a potential 30% rally in DOGE
Dogecoin price has been producing lower highs and lower lows since April 3. Connecting these swing highs reveals a declining trend line. Between April 3 and June 9, DOGE lost 50% of its market value and produced a local bottom at $0.0530. Since then, the dog-themed crypto has kick-started a recovery move and rallied 28% and has come face-to-face with the aforementioned declining trend line.
A successful breakout above this resistance level will confirm Dogecoin price has kick-started a volatile move. In such a case, DOGE could eye the liquidity resting above the equal highs at $0.0721.
If the bullish momentum continues to pour in Dogecoin price could eye the next hurdle at $0.0814. In total, this move would constitute a 20% gain from the current position at $0.0673.
Interested investors should also pay close attention to the $0.0631 support level, which is a good buying opportunity should DOGE retrace before attempting a breakout.
DOGE/USDT 12-hour chart
While the bullish outlook is a mid-to-long term thesis, A daily candlestick close below $0.0631 that flips it into a resistance level will invalidate the bullish thesis for Dogecoin price. In this case, DOGE could crash 21% and sweep the liquidity resting below the equal lows at $0.0497.
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