Entire cryptocurrency market has experienced a positive move. Along with this, cryptocurrencies that stood out in the past, such as metaverse tokens and memecoins, reacted and also started a bullish move.
The price of Dogecoin, for example, witnessed a sharp rally last week, a move that the analyst says Akash Girimath, suggests that DOGE is ready for a pullback that will allow the bulls to regain their strength for the next high.
“The price of Dogecoin is up 36% in about two weeks and set a high of $0.173,” he said. “Going forward, DOGE will likely retract as investors continue to book profits,” he said.
Also according to him, Dogecoin could show a 10% retracement going to $0.139. However, at this point buyers can band together and make the price of DOGE soar.
For him, the resulting uptrend is likely to cross the weekly resistance barrier at $0.163. It will then head towards the next hurdle at $0.194.
Girimath also pointed out that bulls, with this move, are likely to extend the rally beyond $0.215. Thus, they will collect buy-stop liquidity above the triple standard.
“In total, this move would constitute a 55% rise. And the next local top is likely to form,” he pointed out.
However, while things look safe for Dogecoin, a loss of the $0.129 support could make buyers wary.
“A four-hour candle closing below the $0.121 range will create a lower low and invalidate the bullish thesis. A potential increase in selling pressure in this area could trigger a sharp drop to $0.080.”