Dogecoin price consolidates as DOGE bulls place $0.40 in their crosshairs

Dogecoin price consolidates as DOGE bulls place $0.40 in their crosshairs

CRYPTOS | 8/23/2021 5:01:13 AM GMT.

Dogecoin price is hovering above the demand zone ranging from $0.280 to $0.311.

A decisive bounce off this barrier will open the path to roughly 30% advance to $0.40.

If DOGE produces a lower low below $0.273, it will invalidate the bullish thesis.

Dogecoin price comfortably sits above a stable support level, awaiting a surge in buying pressure that triggers a new uptrend.

Dogecoin price eyes a higher high

Dogecoin price pierced the supply barrier ranging from $0.280 to $0.311 on August 13 but blasted through it on August 15. This run-up failed to sustain, but a second rally flipped it into a demand barrier. DOGE currently hovers above this support area, awaiting the start of a new upswing.

A potential spike in selling pressure that pushes Dogecoin price to shatter the $0.327 resistance level will open the path to set up a higher high above the previous swing high at $0.352 and even tag the supply barrier at $0.367.

If the bulls manage to produce a decisive 12-hour candlestick close above $0.367, it will put the $0.400 resistance level within reachable distance for the buyers. In total, this run-up to $0.400 from the current position at $0.316 will constitute a 26% ascent.