The Dogecoin price prediction of a bullish break of the falling wedge was fulfilled on 18 March. However, the upside has been slow but progressive, as the bulls needed to uncap the resistance to the measured move at 0.1199. Following this clearance and the uncapping of 0.1374, the bulls now clearly see the future resistance barrier, found at 0.1634.
Dogecoin has rallied in the last two days after Elon Must bought shares of Twitter to emerge as one of the largest shareholders. His holdings now dwarf those of founder Jack Dorsey. An SEC filing puts the value of this acquisition at $2.89 billion, equivalent to a 9.2% stake in Dogecoin. The impact of this acquisition on Dogecoin may be related to the fact that Musk has used Twitter to great effect in pushing Dogecoin prices higher.
This connection has somewhat dissociated in the recent past, but there is now renewed optimism that Musk could use his new position to push Twitter towards accepting Doge payments. The 40% rise in the DOGE/USDT pair has prompted bullish Dogecoin price predictions. But with such a huge move to the upside under market conditions of muted recovery, can the DOGE/USDT pair push higher?
The upside indicates a continuation of the breakout move following the completion of the falling wedge pattern on the daily chart. The immediate target to the north lies at 0.1634, where previous highs of 11 January and 9 February 2022 are located. An advance beyond this point puts the pair in clear sight of the 0.1762 price level (18 December 2021 and 2 January 2022 highs). The 0.1961 resistance barrier lies ahead and only becomes viable if the bulls advance the price activity beyond the completion point of the measured move.
On the other hand, rejection at the immediate resistance allows for a pullback towards the 18 February and 3 April lows at 0.1374. Below this level, further descent is expected to touch base at the 0.1199 support before the 14 March 2022 low at 0.1105 becomes a viable target.
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This post was last modified on %s = human-readable time difference 14:29