Briefly–
- DOGE price retraces after the latest upswing, preparing the next surge.
- A recovery past the $0.18 market might trigger a 23% climb to $0.22.
- Meanwhile, breaching the support floor around $0.16 will cancel the bullish tale.
Dogecoin (DOGE) price witnessed an exponential rally after the 14 December tweet by Elon Musk, confirming that Tesla may introduce Dogecoin payments soon. The positive remarks prevented the meme coin from a catastrophic dip. However, the uptrend encountered a massive sell-off due to profit-taking by investors. That translated to a steep retracement that might form a launching area for the next rally.
DOGE Eyes Higher Levels
DOGE price increased by over 32% in one 4Hr candle as Tesla executive Elon Musk revealed that clients could use Dogecoin to buy products on 14 December. The Musk-related surge propelled the original meme coin high by 40%, setting a swing high of $0.22.
However, Dogecoin has lost 23% of its value since then, currently exchanging hands above the support level at $0.18, confirming a pullback end. This scenario will form a lower low, suggesting an intact uptrend.
With that, market participants may anticipate DOGE price to kick-start an uptrend, retesting the swing high around $0.22 once more. Such a move would mean a 23% upswing. Nevertheless, the climb might continue higher with increased buying pressure. That way, the meme cryptocurrency can climb to revisit the levels at $0.24, translating to a 32% increase.
Despite the latest upward movements, if Dogecoin’s current retracement drops under the support barrier at $0.16, forming a lower low, the bullish tale will fade. In such scenarios, DOGE might witness a 25% plummet to tag the support level at $0.12.
For now, the crypto space enjoys bullishness as Fed did not tamper with interest rates. Investors remained keen on Fed’s next financial move this week. That is because any hawkish statement could have meant price crashes in the global market.
Amplified bullish momentum will have Dogecoin sailing high to its targets without many challenges. Meanwhile, Dogecoin needs to reclaim levels past $0.18 to support the 23% upswing narrative, revising $0.22.
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