- The Dogecoin price hovers above the demand zone between $ 0.280 and $ 0.311.
- A decisive bounce from this barrier will pave the way for a rise of about 30% to $ 0.40.
- If DOGE makes a lower low below $ 0.273, the bullish thesis will be invalidated.
Dogecoin price is comfortably above a stable support level, waiting for a surge in buying pressure to trigger a new uptrend.
The Dogecoin price is aiming for a higher high
Dogecoin price broke the supply line of $ 0.280 to $ 0.311 on August 13, but broke it on August 15. That surge didn’t last, but a second rally turned it into a demand barrier. DOGE is currently hovering above this support area and awaiting the start of a new upswing.
A potential spike in selling pressure that will cause Dogecoin price to break the $ 0.327 resistance level will open the way to make a higher high above the previous swing high at $ 0.352 and even raise the supply barrier at $ 0.367 to mark.
If the bulls manage to hit a crucial 12-hour candlestick close above $ 0.367, the $ 0.400 resistance level will be brought within reach for buyers. Overall, this increase to $ 0.400 will represent an increase of 26% from its current position at $ 0.316.
DOGE / USDT 12 hour chart
While things seem to be in favor of Dogecoin price, a re-entry into the demand zone between $ 0.270 and $ 0.311 will jeopardize the uptrend. If the sell-off continues to generate a critical close below the support level at $ 0.273, the bullish thesis will be invalidated.
In such a case, a potential spike in selling pressure could trigger a sell-off, pushing DOGE 15% to $ 0.230.
