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06/12 09:22

Will DOGE price Reach $1 in the Upcoming Bull Cycl

Will DOGE price Reach $1 in the Upcoming Bull Cycle?

The Doge price has been experiencing both bullish and bearish pressures over the past 2 quarters, which has kept the token consolidated within a decisive symmetrical triangle. However, after experiencing excessive pressure, the token seems to be close to the edge of a breakout. While the technicals point to a strong breakout to the higher levels, the bearish interference could cause a strong rejection below $0.17. 

As seen in the above chart, the Bollinger bands remain expanded while the price has rebounded from the lower band and is about to test the average band. Once the price rises above this range, the token is believed to keep rising to reach the resistance of the pattern and further trigger a breakout to the upper bands of Bollinger at $0.25. Besides, the MACD shows a possibility of a bullish crossover as the selling pressure fades away. 

Therefore, the technicals suggest the Dogecoin (DOGE) price is at the foothill of an explosion, and hence a rise above the consolidation could elevate the levels beyond the local highs at $0.48. However, reaching $1 still remains a tedious task to achieve.

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