New Delhi: Dogecoin’s price has seen some tough resistance over the past few trading sessions with both buying and selling pressure. The pressure building can take the DOGE’s price to the cloud.
Investors are still supporting the DOGE and pushing it higher towards the crucial breakout zone. DOGE’s price is hovering around the significant zone in the Ichimoku Kinko Hyo system.
The Kumo twist is expected from here. The Kumo twist is one of the first signs of when a market will move and build an overall trend. Kumo twist works on both sides as it can also act in accelerating the price.
An explicit price close of Dogecoin above $0.275 will build the required bullish momentum. This will create a complete rejection of the bearish divergences that have been developing within the oscillators.
As per analysts, Short sellers who are trying to invalidate the current building bullish trend have a tough way ahead as the sellers would have to close DOGE’s price below the $0.195 level. If this happens then a rapid crash can occur where the Dogecoin’s price can collapse towards the $0.10 value area.
Shiba Inu’s massive rally has again brought the attention back to the dog-themed meme coins and it can be a good sign for the DOGE as it is on the verge of a breakout.
Meme-themed coins are one of the earliest stars which broke out at the beginning of this year’s bull run as influencers like Elon Musk and Mark Cuban helped them via their social media presence.
