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Dogecoin Adds +5% For The Day, Preparing For 64% Hike Soon If…?

Dogecoin (DOGE), Tesla CEO Elon Musk’s favorite cryptocurrency, is up more than 5%, on today’s trading sessions, but half of that gain earlier gains for this week have already been wiped out as Bitcoin (BTC) price falls from all-time highs of over $66k to $62k. Investors showed some resiliency by maintaining a $0.2492 USD buying range.

DOGE has two primary resistance levels, according to analysts, and it must close above the daily chart to maintain its current upward trend. DOGE is poised for a 64 percent rally from here, but it must first clear one last hurdle before launching to the moon.

DOGE is building a symmetrical triangular pattern, according to observers, as the bulls prepare for their next move. While Dogecoin is gaining traction, it is also being supported by a number of technical indications.

If the coin succeeds to break the top boundary of the pattern price at $0.269 USD, the chart pattern predicts a nearly 64 percent higher swing for the DOGE’s price. The coin will need to breach its nearest price barrier of $0.255 as the Bulls prepare for a bull run towards the achievable target.

According to analysts, if buyers can maintain their purchasing pressure and break over the $0.27 price level, DOGE would face a new hurdle at $0.277. At the 78.6 percent Fibonacci retracement price level of $0.310, more obstacles may appear. The price of Dogecoin is currently consolidating and could return to the ruling technical pattern unless it registers a decisive move to the upside supported by large buy order flows.

Dogecoin Adds +5% For The Day, Preparing For 64% Hike Soon If...?

Dogecoin Price Chart – Source: Tradingview

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