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Dogecoin (DOGE) Looks for Dependable Support before 42% Surge

Briefly-

  • DOGE price remains stuck inside a constricted range but might be preparing a 42% upswing.
  • Dogecoin is searching for dependable support before the coin reverses the underperformance period.
  • The meme-token will eye higher levels if DOGE climbs past $0.26.

Dogecoin (DOGE) might be ready for a 42% upside bounce to $0.26. However, the meme coin has to discover a reliable support barrier for the upward narrative to play out. The dog coin might present a ‘buy’ opportunity at discounted price levels before meme coin bulls launch a massive upswing.

DOGE Price to Secure Meaningful Foothold

The daily price chart has DOGE price printing a parallel channel, indicating range-bound conditions for the original meme coin. $0.26 seems the most challenging resistance, showing that bulls might be contemplating a 42% surge.

Though the governing chart formation indicated more upswing potential for DOGE, the coin might plunge lower to secure a meaningful foothold. The meme crypto has its initial defense line around the 21-day SMA near $0.17, then the prevailing chart formation’s low boundary at $0.15.

If Dogecoin manages to secure a dependable footing around the primary technical setup’s downward trend-line, DOGE buyers might expect a bounce, reversing the underperformance period. The meme token will encounter the first resistance area at 23.6% FIB retracement of $0.18, then a 50-day Simple Moving Average of $0.20. More hurdles will appear at 38.2% FIB retracement at $0.21.

DOGE might meet a challenging obstacle near the 100-day Simple Moving Average around $0.22, which matches the governing chart pattern’s middle boundary. Another headwind might emerge at $0.26, a level where 61.8% FIB retracement intersect with Momentum Reversal Indicator’s resistance.

If buy orders surge, DOGE price can aim higher zones. The first target would be the 78.6% FIB retracement area at $0.29, then the parallel channel’s upper boundary at $0.32. Meanwhile, investors should expect drawbacks by Dogecoin price for the coin to accumulate the surging momentum.

Declines before surges are a usual thing in the cryptocurrency world. Moreover, market analysts have predicted corrections in various assets to prepare for massive upswings in the upcoming bullish run in 2022.

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Name Price24H (%)
Bitcoin (BTC)
$36,937.00
0.77%
Ethereum (ETH)
$2,473.95
1.79%
Tether (USDT)
$1.00
-0.18%
XRP (XRP)
$0.62
1.13%
Litecoin (LTC)
$107.32
0.13%

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