The latest price action for Dogecoin reflects a bullish tendency to take over the market and continue the relative upward trend that has become a recurring feature for some time now.
For this to be possible, a higher low is needed for the bulls to take the driving seat and help push DOGE higher up the price chart to consolidate its position further.
Continuing the Price Uptrend For Dogecoin
The price of the meme cryptocurrency underwent a brief downward trend which started on February 8 before settling at around $0.109. The price swing of this move is easily connected by the use of trend lines to deduce the accurate outcome.
March 18 saw the value of the DOGE breakout of the trend lines to signal an end to the temporary correction and the start of a market recovery.
However, a slump along the way, but the rally has been on the move by 20% following the breakout, and the DOGE is currently struggling to break another barrier at $0.134.
Interested traders can now venture into a long trading period following a successful reversal of the $0.134 mark into a steady support level.
Trend, a Trigger for Positive Price Action
The upward trend the Dogecoin price has experienced so far has been remarkable. Sustaining this trend would be critical to spurring an upward trend should the DOGE succeed in producing a higher value above $0.163.
It is the same key resistance point that prevented the value of Dogecoin from crashing for almost nine months. Hence, reversing this obstacle into a support zone will be a major boost and capable of favoring the bulls’ future actions.
Investors at this stage are advised to wait a while longer for the trend to manifest itself before making any bullish move after a higher low is produced.
Notwithstanding the bullish outlook, a sure sign of an imminent bullish decline is if the price of the meme token is incapable of producing a higher low.
DOGE/USD 1-day chart
Alternatively, the appearance of a daily candlestick close to the $0.109 mark will render the bullish theory for the price recovery invalid. A situation like this would mean that the DOGE would likely crash by 32% and revisit the $0.074 support zone.
Ultimately, if this happens, it would signal an unprecedented bearish market trend where the DOGE price plummets, leading to another mass-market correction for the meme coin.
In all these, investors are always on the lookout for the most favorable market condition before taking any major step. From price speculation to market correction, nothing should be left to chance.
DOGE Price Action Outlook
The future price action for Dogecoin is bullish regardless of the forecast in the latest price review; the future appears promising for the leading meme coin. And going by the recent bounce in value, it is only a matter of time before it can revisit its all-time high of May 2021.
Expectations still need to be surpassed to make the value appreciate further.