The price of Dogecoin successfully moved over the $0.0894 to $0.0861 resistance range, indicating a rally.
Why could the price rise further
Investors should exercise caution because it is the weekend, and there is a lack of liquidity in the markets, making them more susceptible to manipulation. The bullish prognosis for DOGE (1) will be invalidated if a daily candlestick closes below the $0.0861 support level. On the final weekend of November, there was a noticeable increase in demand for Dogecoin. The clear breakthrough above a short-term barrier that DOGE has shown suggests that this trend may continue.
After attempting to break past the $0.0894 to $0.0861 resistance range for more than two weeks, the Dogecoin price has finally succeeded. On November 25, the daily candlestick increased by about 7%, prompting this drive. A run-up will begin if DOGE maintains above this level, signaling a revival of purchasing pressure. Bulls are most likely to go for $0.1125, a support level from October 30 to November 7. Investors might thus take advantage of this obstacle to lock in profits from the recent rise in the price of Dogecoin.
What the RSI tells us
The Relative Strength Index (RSI) (2) moving over the 50 levels, also known as the midway, after two weeks of unsuccessful efforts supports the argument for DOGE. This action suggests that bullish momentum has returned and is likely to continue. In this scenario, the optimistic view indicated by the Dogecoin price movement will likely materialize.
Additionally, the final week of a month is sometimes turbulent so investors can anticipate a rapid 20% rise from DOGE. Although the price of Dogecoin is trending upward, the bullish prediction will be useless if the $0.0861 support level is breached. This action would alter the narrative and encourage investors to sell their assets. In this scenario, DOGE may return to the $0.0813 support level.