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Dogecoin is close to up 55%, analyst says

2 min read

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.

Dogecoin

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.”

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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