- Dogecoin price grapples with trading range’s midpoint near $0.178, targeting further upsurges.
- Investors may expect the meme coin to overcome the barrier at $0.197 before running towards the $0.22 obstacle.
- On-chain metrics display bullishness as they flash high networth individuals entering at the current price levels.
Dogecoin has its price attempting to rise past the latest swing high, eying further higher highs. Though the original meme coin has chances to record a brief downswing, DOGE’s near-term outlook remains bullish.
DOGE Eyes Higher Highs
DOGE price grapples with the trading range’s midpoint around $0.178 with intentions to surge higher. Meanwhile, the dog coin has a slight possibility of hitting a brief dip before heading high. Despite this outcome, DOGE seems ready for run-ups.
The first that DOGE buyers may encounter after a 10% surge is around the resistance barrier located at $0.197. Past this price level, Dogecoin will revisit the ceiling at $0.22 and gather the liquidity beyond this area. This upswing constitutes a 25% upswing.
From a technical viewpoint, Dogecoin tagging $0.22 may appear overreaching, but the GIOM model indicates a considerable underwater investors’ cluster at $0.22. At this level, almost 430,000 Dogecoin addresses that bought 18.36 billion tokens remain ‘Out of Money.’ With that, further increases past this level can mean a massive resistance as these holders may break even.
Meanwhile, the 272% surge in transactions worth more than $100,000 supports this bullish picture. These transfers went to 3,261 from 862 since 20 November. This trend shows that high networth crypto investors are interested in the meme coin at present price levels.
Though everything appears lucrative for DOGE price, failure to keep the bullish strength can translate to corrections. Dogecoin forming a lower low beneath $0.158 will cancel the bullish narrative.
In such a scenario, market players might expect Dogecoin to suffer further downtrends. The original canine-themed crypto can retest the support level at $0.13.
Nevertheless, the crypto marketplace seems on an upward move at the moment. Bitcoin surged beyond the $50,000 mark. If such price trends persist, Dogecoin will receive a boost to its optimistic rally in the upcoming sessions.