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DOGE’s 15% upside potential depends on Bitcoin’s position above $65K
- Dogecoin price crossed above resistance due to a descending trendline amid growing bullish momentum.
- DOGE could rise 15% to $0.18 if Bitcoin price holds above $65,000.
- A candle closing below $0.12 would invalidate the bullish thesis.
Dogecoin (DOGE) price is trading with a bullish bias, driving meme coins north as sector bulls resurface. This show of hand comes after the price of Bitcoin (BTC) surpassed the $65,000 threshold and could extend further if the pioneering cryptocurrency holds above that level.
Dogecoin price expected to rise 15%
Dogecoin price broke resistance due to the descending trendline for the first time since late March. This is followed by growing bullish momentum, shown by the higher lows of the Relative Strength Index (RSI).
If this momentum indicator manages another low rally above the mid-50 level, Dogecoin price could extend the rally to break the $0.16 resistance level. Based on the volume profile, the spikes at the nodes show that there is more bearish than bullish activity waiting to interact with DOGE below this level.
If the bull manages to rise above it, the $0.18 target would be achievable for Dogecoin price. In a highly bullish case, resident bulls near $0.18 would push DOGE price towards the psychological $0.20 level last tested on April 12.
In addition to the rising RSI, the Awesome Oscillator is also approaching positive territory, showing growing bullish momentum and therefore sentiment. A green Awesome Oscillator signals that the market’s latest momentum is bullish. When it rises towards positive territory, it suggests that the bullish momentum is strengthening.
It is worth noting that investors should pay attention to the sharp rise towards positive territory as it could also indicate the strength of the uptrend. A sharp rise suggests strong buying activity and conviction among market participants.
DOGE/USDT 1-day chart
If early profit-taking begins, however, the price of Dogecoin could retrace. A breakdown below the descending trendline would see DOGE lose critical support at $0.13.
In a dire case where the price of Dogecoin drops below $0.12, the bullish thesis would be invalidated. With such participation, meme coin Bitcoin could extend the decline to $0.11, 26% below current levels.