For the past six months, Dogecoin has been trapped in a pricing range. DOGE attempted to break out a number of times but was thwarted by selling pressure. This price movement irritated the holders, but experts claim that Dogecoin, like SHIBA INU, was in the accumulation period before breaking out.
DOGE’s price is expected to skyrocket from here. For the past six months, Elon Musk’s preferred cryptocurrency has been stuck below the 50 percent Fibonacci extension price level. Buyers are now poised to change the consolidative price action and drive the DOGE higher.
Since October, Meme-coin has been making higher highs and lower lows, indicating an uptrend. Dogecoin has to break through the two price obstacles of $0.31 and $0.36 to start an uptrend from here.
According to analysts, these barriers can be converted into support floors, signaling a recovery and bringing Dogecoin to the $0.45 price level. This increase represents an almost 70% increase over the current pricing level.
Holders should anticipate Dogecoin to break through the $0.45 price barrier and reach the $0.75 mark in a highly optimistic scenario.
If DOGE fails to break through the $0.31 or $0.36 price levels, it will indicate either weak purchasing or increased selling pressure. This could result in a bearish trend approaching the $0.19 support level.
If the DOGE fails to do so, the bullish scenario will be invalidated.
