- Dogecoin price briefly fell below the low of $ 0.194.
- The resurgence of buyers has pushed DOGE higher and could trigger a 38% uptrend.
- A collapse of the USD 0.178 support level will invalidate the bullish thesis.
The Dogecoin price has been in a steady and tedious downward trend since May 8th. After a brief dip below the range, DOGE recaptured it, suggesting buyers may have come to the rescue.
While undecided for now, an uptrend could begin here if bullish momentum continues to build.
Dogecoin price at the turning point
Dogecoin price is down roughly 73% from its all-time high of $ 0.745 on May 8, which represents the depth of the current sell-off. While DOGE fell below the $ 0.194 range lows, it has rebounded relatively quickly, suggesting buyers have come to the rescue.
Should this buying pressure continue, a rally is likely to start from the current position. The barriers at $ 0.227, $ 0.254, and $ 0.276 will resist the upside move, but investors can expect a rise above $ 0.276, a 38% rebound.
However, if the bulls can make a crucial 6-hour candle close above $ 0.276, it will indicate a shift in momentum in favor of the bulls.
That move could trigger a 22% rise to the June 14 swing high at $ 0.338.
DOGE / USDT 6 hour chart
On the other hand, if the Dogecoin price does not stay above the $ 0.194 range, it means the ineptitude of the buyers. In such a case, there is a high probability that the sellers will push the dog-themed cryptocurrency to the immediate support level of $ 0.178.
Breaking this barrier will invalidate the bullish outlook and could potentially trigger a 15% sell-off to $ 0.119.