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A recent analysis indicates that Dogecoin (CRYPTO: DOGE) is about to take off again after overcoming a bearish phase by crossing a critical resistance.

What happened: According to FXStreet Market Analysis on Wednesday, Dogecoin consolidated above the $0.23 support level after its latest bullish move and is now on a “massive rally”. This bullish expectation will be nullified by the collapse of the $0.193 demand barrier.

Before Dogecoin moves higher, we should expect further decline with a high chance of it breaking the support level and retesting the $0.213 demand area before engaging in a full uptrend. The coin is allegedly next heading towards the $0.308 level, but only after breaking the $0.2561 and $0.2684 resistances.

If the prediction comes true, Doge fans will get 30% profit.

See also: How to buy Dogecoin

If the coin breaks the high of $0.308, it will not face resistance until it reaches $0.3278. If Dogecoin fails to bounce off the $0.23 price level, it will be a sign of significant selling pressure that could lead to a retest of the $0.213 demand floor.

The bullish theory would be completely nullified by a breakdown of the $0.193 support that would create a lower bottom.

DOGE price action: According to CoinMarketCap data, as of press time on Wednesday, Dogecoin is trading at $0.2424 after experiencing a 1.82% increase in value in the past 24 hours.

Photo: KNFind from Pixabay

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