Dogecoin Price Signals a 60% Bull Rally Ahead

Dogecoin price faces exhaustion after its recent gains, causing a minor retracement. This pullback has pushed Dogecoin into a demand zone, suggesting the possibility of a quick run-up. Dogecoin retraced 14% after a 40% upswing that began on March 14.

Dogecoin Price Signals a 60% Bull Rally Ahead

While the pullback will allow Dogecoin buyers to recuperate, it was caused by Bitcoin’s sudden downtrend. Regardless, the retracement has caused Dogecoin to retest the $0.127 to $0.137 demand zone, which will provide bulls with the extra oomph to kick-start another leg-up.

The resulting rally will propel Dogecoin to retest the $0.163 and $0.194 weekly resistance barriers. Clearing these hurdles is crucial for market makers to collect the buy-stop liquidity resting above the $0.194 barrier. This ascent, therefore, would constitute a 60% gain for investors that are willing to seize the opportunity, and the time is now ripe as the Dogecoin price retests the daily demand zone.

Dogecoin Price
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While things are looking up for Dogecoin price, the breakdown out of the demand zone will put a final nail in the bulls’ coffin. A daily candlestick close below $0.127 will invalidate the bullish thesis for Dogecoin by creating a lower low. This move will also lead to the breakdown of the demand zone, indicating a surge in selling pressure. In this situation, market participants can expect Dogecoin to retrace to the $0.109 support level, allowing buyers to regroup and give the uptrend another go.

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Dogecoin Price Signals a 60% Bull Rally Ahead via @marketinvestor
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