Jun 27, 2022 05:00AM ET
By : AnalysisWatch
Investors are on high alert as Dogecoin is at a crucial point that could see a small turnaround or pullback that could set the meme coin up for a big rally.
The bulls appear to be exhausted as Dogecoin is testing the 34-day EMA at $0.0735 after the DOGE price printed a buy signal on June 13. This led to a 20% rally that propelled DOGE above the $0.0680 point. If DOGE can break through this barrier, the cryptocurrency price could rise 12% to retest the $0.0820 resistance barrier.
This blockade cluster is essential to realizing gains for the Dogecoin price. If buyers are able to turn this hurdle into a floor of support, DOGE could see a 33% rally to $0.1090. This could lead to a 48% gain from DOGE's current price point.
On the other hand, if the price of Dogecoin falls to $0.0735, it could indicate some weakness among the bulls. In this case, DOGE could pull back to the 8-day EMA at $0.0680. In addition to this, the bullish thesis could be invalidated if DOGE's daily candle closes below this level.
In that case, DOGE will likely pull back to the $0.0629 support floor.
According to CoinMarektCap, DOGE is currently worth $0.07764 after a 13.08% increase in price over the past 24 hours and following a 33.05% increase over the past seven days.
The meme coin's trading volume is also up 192.25% and currently stands at $1,183,277,350.
The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CQ. No information contained in this article should be construed as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.