DOGE price appears to be preparing for a 30% rise as the bulls attempt to break a key area of resistance. A technical indicator shows that there are more buyers than sellers in the market, which gives credibility to the bullish forecast.
Next goal is $ 0.224
DOGE has formed a symmetrical triangle with a measured movement of 30% on the 12-hour chart.
The Arms Index (TRIN) is flashing below 1 (especially 0.69), which shows that buyers have an overwhelming, bullish forecast for DOGE.
However, to climb 30%, the price must break the upper bound of the corrective technical pattern at $ 0.172.
The way up is bumpy and DOGE will face another headwind at the 12-hour SMA 50 12-hour Simple Moving Average at $ 0.175, which coincides with a 50% retracement, then the 12-hour SMA 21 at 0.177 USD.
Other barriers will appear at the 61.8% retracement at $ 0.186 and then the 12-hour SMA 100 at $ 0.191. Before we get any closer to the bullish target, another hurdle will arise at the 78.6% retracement at 0.201.
DOGE / USDT 12 hour chart. Source: TradingView
If there is enough pressure to buy, Dogecoin price could rise 30% to hit the bullish target at $ 0.224, which is near the resistance line created by the reversal indicator (MRI) and the 200 12-hour SMA .
However, when a surge in sell orders does occur, the price has immediate support at the lower bound of the symmetrical triangle at $ 0.167, which coincides with the support line at the MRT. While this is a solid level for DOGE, if more selling pressure builds, the meme coin can slide to the 38.2% retracement at $ 0.165.
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