Dogecoin (DOGE) Eyes 17% Surge with an Emerging Bottoming Structure

ByDawn Pipkin

Jan 10, 2022
  • DOGE price is creating a bottoming pattern near the $0.151 floor, confirming an imminent uptrend.
  • A decisive move past the $0.151 support barrier will catalyze a 17% upswing towards the resistance of $0.176.
  • A 4hr candle close beneath the $0.147 level will cancel the upside case.

DOGE price had compounded its plummets after the meme token breached a critical support market on 5 January. The latest price function indicates Dogecoin, creating a bottom and might reverse its trend to launch a new upsurge.

DOGE Price Eyes News Highs

The canine-themed crypto presented a fractal on 3 January. The fractal comprised a massive surge accompanying failed triple bottom formation. Nevertheless, the development could not yield fruits as Dogecoin fell to violate the support floors at $0.159 and $0.152, canceling the fractal.

However, DOGE price formed a swing low around $0.147 after breaching the support barrier at $0.152. The alternative coin printed another lower low after that, gathering liquidity and highlighting a bottoming structure.

With that, market participants may expect DOGE price to rise past the barriers at $0.152 and $0.159 before launching a 10% surge towards the resistance zone at $0.168. A highly bullish scenario may see market makers propelling the altcoin to levels past the $0.176 obstacle and gather buy-top liquidity beyond the mark.

Market players need to beware the bottoming structure might form a new swing low beneath the support floor at $0.147 before the upswing begins. Nevertheless, a 4hr candle close beneath $0.147 by DOGE will cancel the bullish narrative. In such a development, meme-coin fans may see Dogecoin’s price crashing by 12%, revisiting lower levels near the $0.129 barrier.

Meanwhile, DOGE will hardly record disassociated moves to surge as the broad market faces bearishness. Also, Dogecoin requires positive sentiment to move past the $0.151 level.

The token has to climb past this level to witness the 17% surge towards the hurdle of $0.176. Nevertheless, everything appears possible when dealing with digital tokens. It may be interesting to see what Dogecoin will unveil next.

What are your thoughts about meme coins in 2022? Will the assets dominate the market this year? You can share your views below.

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