(ORDO NEWS) — According to crypto analyst Akash Girimath, the Dogecoin (DOGE) price is showing a series of higher highs and higher lows, indicating that an uptrend is continuing. The analyst states that DOGE needs to clear the $0.31 and $0.36 hurdles to raise 70% to $0.45.
On the other hand, a break of the $0.196 support base will invalidate the bullish argument. I Kriptokoin.co as we prepared for our readers Akashi Girimath dogecoin analysis. You can see the Dogecoin (DOGE) price and detailed market data here.
“DOGE is in accumulation phase similar to SHIBA”
Analyst Akash Girimath notes that the price of Dogecoin (DOGE) has been consolidating for about six months without any noticeable uptrend, and while this price action is annoying, DOGE appears to be in an accumulation phase similar to the Shiba Inu before it exploded. The analyst points to the following technical levels:
Dogecoin price has remained below the 50% Fibonacci extension level at $0.45 for roughly six months. This consolidative price action for DOGE seems to be changing as buyers are poised to push the meme coin higher.
According to the analyst, Dogecoin price expects explosive moves
According to the analyst, since October, the Dogecoin price has been in an uptrend, forming higher highs and higher lows. The analyst underlines that for this uptrend to continue, DOGE must overcome two barriers of $0.31 and $0.36. According to the analyst, turning these levels into support bases will confirm the resurgence of buyers, thereby pushing Dogecoin price to $0.45, which coincides with the 50% Fibonacci retracement level. This rise means a 70% gain from the current position. Akash Girimath comments:
In the case of a bullish high, traders can expect DOGE to turn the $0.45 ceiling into a launching platform, which could trigger a massive rally from $0.75 to 2021 highs.
Analyst Akash Girimath reminds that regardless of the short-term bullish outlook, if Dogecoin price fails to break $0.31 or $0.36, it will mean either weak buying pressure or increased selling pressure. Either way, it could lead to a drop towards the stable support level at $0.19. At this point, the analyst’s assessment is as follows:
If Dogecoin price produces a lower bottom below this support, it will invalidate the bullish argument.
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