New Delhi: Tesla Chief Elon Musk’s favorite cryptocurrency Dogecoin gained almost 15% during Monday’s sessions but half of that gain has been retracted by now. Investors showed some resilience to maintain a stable buying range around $0.25.
As per analysts, DOGE has 2 primary resistance levels and it has to close above the daily chart if it wants to carry on the present upward momentum.
1) Weekly Tenkan-Sen and 61.8% Fibonacci retracement at the price level of $0.26
2) The top of daily cloud at $0.27
From here on, DOGE is preparing for a 64% upward rally but it has to overcome one last barrier before launching to the moon.
As per analysts, DOGE is forming a symmetrical triangle pattern as the bulls prepare for their next move. While Dogecoin is making its ground stronger, the coin is also supported by a few technical indicators.
The chart pattern depicts an almost 64% upward swing for the DOGE’s price if the coin manages to break the upper boundary of the pattern price at $0.269. As the bulls prepare for a bull run towards the reachable target, the coin will need to break its nearest price barrier of $0.255.
As per experts, If buyers can maintain the buying pressure and can break above the $0.27 price level then DOGE will encounter another barrier at $0.277. Some more hurdles may emerge at 78.6% Fibonacci retracement price level at $0.310.
Dogecoin price is still in the consolidation phase still can swing back within the governing technical pattern until unless it registers a conclusive move toward the upside accompanied by big flows in the buy order.