Dogecoin price is hovering around a confluence of support levels that promise an upswing to record levels. A breakdown of the immediate resistance level will confirm the start of this bullish trajectory.
Dogecoin price remains bullish
Dogecoin price is currently hovering inside the demand barrier that stretches from $0.489 to $0.522. Interestingly, this zone harbors the 100 four-hour Simple Moving Average (SMA) at $0.504. Hence, a quick bounce from this confluence seems likely.
If this short-term spike pushes Dogecoin price above $0.569, it would confirm the start of an uptrend. Under these conditions, investors can expect DOGE to surge 23% to tag the first resistance level at $0.696. Following the breach of this ceiling, $0.739 is the next area of interest, the present all-time high.
Clearing this swing high will open up Dogecoin price to surge to $1. All in all, this trajectory would be a 75% bull rally from $0.569.
Although unlikely, a breakdown of the demand zone’s lower boundary at $0.489 will lead to a 15% downswing to the support level at $0.416. This move will not invalidate the optimistic outlook explained above. If this bearish descent continues, market participants can expect a quick reversal as Dogecoin price tags the 200 four-hour SMA at $0.390.