- DOGE price formed a triple bottom setup around $0.127, suggesting trend reversals.
- Overpowering the declining trend-line to retest $0.163 will mean a 30% surge.
- A 24hr candle close beneath $0.127 will form a lower low, canceling the DOGE’s bullish thesis.
Dogecoin has its price hovering within a crucial support area. Losing this barrier might trigger a steep retracement, whereas DOGE bouncing from the level will trigger a new upside move. That way, market players need to be cautious as cryptocurrency markets turn volatile amid ongoing tension between Ukraine and Russia.
The news of Russia attacking Ukraine saw Bitcoin plunging towards $35,000. That had DOGE and other alt tumbling. While publishing this blog, the global crypto market capitalization flashes drop by the leading crypto assets, hovering around $1.6 trillion at this publication.
Dogecoin price touched the support level of $0.127 three times within the previous three months, printing a reversal formation (triple bottom pattern). Experts awaited a bullish move following the third hit, but Russia-Ukraine tensions led to a flash crash.
As Dogecoin violated the support barrier of $0.127, the original meme coin might continue dropping in the upcoming sessions. Market players can expect a 35% crash for DOGE to fill the FVG after retesting the support level of $0.0745. This level will likely limit Dogecoin’s plummets as buyers can gang up here to launch a comeback.
Though the latest news, Dogecoin rallying past the support floor of $0.127 might trigger bullish activity. A 24-hour candlestick close beyond this obstacle will kick-start an uptrend, propelling the canine-themed crypto towards the nearest weekly resistance zone at $0.163.
That would translate to a 30% surge, and Dogecoin bulls will likely fade after the move. Overcoming this obstacle with considerable volume might see DOGE climbing towards the hurdle of $0.194. That would mean a 53% price uptick.
Dogecoin prepares for a 35% drop as it approaches a crucial level. Though bouncing from the area will trigger a 30% ascent, Russia-Ukraine developments ruin the market sentiment, favoring price plummets. Such an environment means further crashes by crypto assets, including Bitcoin. Upcoming geopolitical updates by the two nations will detect crypto price reactions. Stay around for more updates.