Dogecoin [DOGE] strives to break its current $0.70 price level in an ongoing potential breakout attempt. Analysis by the leading memecoin enthusiast and Twitter user Ali Charts stipulates that if DOGE successfully surpasses the supply wall at $0.75, an outstanding 10% growth surge propels the coin to $0.85 per token
#Dogecoin is trying to break out!
Slicing through the $0.75 supply wall will trigger a 10% upswing to $0.85, where 176,000 addresses had previously purchased over 12.34 billion $DOGE. pic.twitter.com/RJw7v7q30X
— Ali (@ali_charts) July 15, 2023
The $0.75 supply wall means that many DOGE holders look forward to selling their tokens at that price; if it goes beyond $0.75, it breaks the supply wall.
According to Ali Charts, there is a historical pattern of DOGE enthusiasts buying the token at that price level. Ali Charts found that “176,000 addresses had purchased over 12.34 billion $DOGE.”
The pattern of enthusiasts accumulating DOGE at the $0.85 price level stipulates that if the memecoin gets 10% in the current market cycle, it might gain massive support for its value to grow even higher
An analysis of DOGE price movement in the daily charts shows an upwards curve in the coin’s accumulation in the past few weeks as enthusiasts anticipate a price rally above the current supply wall. Significant momentum indicators rose above their respective neutral lines at the time of writing and are expected to assume uptrend positions. The coin’s Money Flow Indicator (MFI) and Relative Strength Indicator (RSI) are 74.05 and 59.80, respectively
Dogecoins Chaikin Money Flow (CMF) reported a positive value of 0.10, above the center zero line. A positive value CMF, above the center line, is a sign of the coin’s strength in the market and entry of the required liquidity
The altcoin’s Awesome Oscillator indicator confirmed a bullish trend in the current DOGE market. However, at the beginning days of the month, the Awesome Oscillator indicator recorded red histogram bars. Red indicates that the current period’s small moving average (SMA) is lower than the previous one, suggesting bearing movement. However, the increased accumulation in the last week recorded green histograms resting above the zero line at the time of writing, indicating a reversal from bearish to bullish.
DOGE’s Wave Trend indicator has also flipped above the zero line, with a potential crossover looming
Investors keenly observe the coin’s movement as it edges closer to a breakout. The short target for DOGE holders is to sell as the price hits $0.08, and the next target would be the midpoint of the $0.0896 range. If the coin unlocks these prices, that would be a 25.77% gain.
If DOGE fails to break the $0.75 resistance level, it could fall back 11.50% to tag the $0.642 support floor. Breaking this support floor would unlock a new lower low and invalidate the bullish speculations. If this happens, DOGE might revisit its $0.0539 foothold
