Dogecoin price ready to rock

Dogecoin shows a clear surge in bullish price momentum after months of trading lower and consolidating in a very tight range. This explosive move has the potential to propel the dogecoin higher, but investors need to wait for a bullish signal confirmation that will arrive after a weekly candlestick close.

A successful breakout above the immediate hurdle will be a key signal for Dogecoin holders to expect impressive returns.

Dogecoin price ready to rock

Dogecoin price has been attempting to breakout the declining trend line connecting a slew of lower highs formed since May 2021. Despite multiple attempts that seemed promising jump, all failed to pull through, resulting in a swift dogecoin sell-off. 

The most recent attempt, however, occurring while Bitcoin BTC has also flipped bullish after weeks of tight consolidation. Hence, the chances of a successful price breakout are higher. Investors need to wait for pullbacks to accumulate until a weekly confirmation arrives.

After a weekly candlestick pattern close above this trend line, market participants can expect Dogecoin to sweep equal highs at price of $0.089. In a highly bullish case, DOGE price could try to retest and flip the $0.1099 hurdle into a support floor.

The ideal place to book profits would be at $0.190, which is the midpoint level of the 93% crash seen between May 3 and June 13.

While the weekly chart pattern does show a bullish outlook, a relatively lower time frame shows that Dogecoin price has already produced a daily candle close above this declining line. While this development is signal bullish, no doubt, Dogecoin investors need to observe the attempts made in April and May 2022.

A pullback could see the Dogecoin retest the declining trend line, which also coincides with another support level at price of $0.062. Alternatively, the 100-day EMA at $0.066, slightly higher, nearly coincides with the $0.066 support level, making it another ideal place for accumulating Dogecoin at a discount. 

These levels are ideal for dollar-cost averaging into Dogecoin in anticipation of the next run-up.

While things are looking up for Dogecoin price, a re-entry below the multi-year declining line would indicate a weakness among buyers. Furthermore, if Dogecoin produces a weekly candle close below the $0.0586 support level, it will create a lower low LL and invalidate the bullish thesis.

This development could see Dogecoin price revisit the $0.049 support level.

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