Price Analysis

Dogecoin Flashes Buying Opportunities, Primed to Surge Beyond $0.1 Very Soon

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 17, 2022

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Article Highlights
  • Dogecoin price failed to surpass the trend line but eventually indicated the possibility of a retest of the same resistance levels

  • A bounce from the lower demand zone is expected to induce a bullish momentum that may pull a significant leg up

After a significant upswing, the Dogecoin price displayed some weakness in the early trading hours as it stood rejected just below the crucial resistance levels. Conversely, the recent dump appears to be a good buying opportunity as the asset is primed to range high by more than 30% in the coming days. 

The DOGE price flipped the support at $0.08 during the previous trading day after rallying by more than 15% after undergoing an extended consolidation for nearly a couple of months. Therefore, the recent price action led to the formation of the new demand zone extending from $0.07 to $0.08. However, the present-day rejection has hindered the rally while the demand zone is now an important level to be surpassed. 

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Therefore, the asset is likely to retrace to the same support levels around the $0.08 support zone and consolidate below the crucial trend line ahead. After an extended squeeze within these levels, the DOGE price is expected to explode which may result in an upswing beyond the $0.09 hurdle after a 10% upswing. However, the upswing may be extended beyond $0.1 in case of bullish reactions from the investors. 

In the coming days, the Dogecoin price is expected to remain elevated and test the upper regions with a minimum upswing of 30%. Meanwhile, a slight correction back towards the demand zone could induce a catapult action back above $0.11 regions to test the upper resistance zone beyond $0.12 in the coming days. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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