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Dogecoin ready for bullish as soon as key resistance is broken

Dogecoin ready for bullish as soon as key resistance is broken

The price ofDogecoin (DOGE) appears to be gearing up for a 30% high if bulls manage to cut above a key resistance area.

Thus, this is the opinion of analyst and daytrader, Sarah Tran, who suggests that a technical indicator points out that there are more buyers than sellers in the market, adding credibility to the optimistic forecast.

Therefore, according to her, Dogecoin's price has formed a symmetrical triangular pattern on the 12-hour chart, with a measured movement of 30%.

“The Weapons Index (TRIN) is flashing a reading below 1, and at 0.69, suggesting there are more buyers than sellers in the market, indicating a bullish forecast for DOGE,” he said.

However, she points out, for the prevailing chart pattern's target of a 30% rise to be on the radar, Dogecoin's price must cut above the upper limit of the governing technical standard at $0.172.

Dogecoin Price (DOGE)

Thus, Dogecoin's price will face additional headwinds at the 12-hour simple moving average (SMA) of $0.175, coinciding with the 50% retracement level, and then at the 12-hour SMA of 21 to $0.177.

Therefore, other obstacles will appear at the 61.8% Fibonacci retracement level at $0.186, then at the 100 12 hour SMA at $0.191.

Thus, she points out that before DOGE bulls manage to mark the bullish target, another hurdle will arise at the 78.6% Fibonacci retracement level at $0.201.

Gráfico DOGE / USDT de 12 horas

Thus, she points out that if there is enough buying pressure,Dogecoin's price could rise 30% to reach the bullish target presented by the prevailing chart pattern at $0.224, near the resistance line given by the Moment Reversal Indicator (MRI ) and the twelve-hour SMA 200.

“However, if a spike in sell orders occurs, Dogecoin's price may find immediate support at the lower boundary of the symmetrical triangle at $0.167, coinciding with the support line provided by the MRI,” he said.

Therefore, she believes this level should act as a credible foothold for DOGE, but if there is more selling pressure, the token could slide towards the 38.2% Fibonacci retracement level at $0.165.

Also read: Bitcoin Analysis: BTC about to break support

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