Dogecoin (DOGE) The price has performed quite well in the past four days. DOGE bulls managed to close one-day above Kijun-Sen on Saturday, March 10, 2022 for the first time since February 16, 2022, but sales did not slow down after this level. Surprisingly, however, DOGE continued to find buyers at the Tenkan-Sen level.
DOGE Price Needs Daily Close Above $0.124 Before A New Uptrend
Dogecoin price, faced a key resistance level blocking a 20% rise on the daily chart, which is the Kijun-Sen level. Kijun-Sen represents one of the strongest levels of resistance and support within the Ichimoku Kinko Hyo system. For day traders, Kijun-Sen is where Ichimoku “skimming” because most day trading strategies are based on Kijun-Sen.
If Dogecoin price can clear a daily close above $0.124, it is expected to have a stronger hand to break the next resistance level at $0.14. $0.14 represents the 38.2% Fibonacci retracement and the 2022 Volume Control Point. However, the primary target for the bulls is the $0.16 level, which means it will pass the 50% Fibonacci retracement at $0.155.
The weekly chart provides important clues as to how the Dogecoin price could rise over the next few weeks. Kumo Twists can identify when a market can turn and reverse, especially if that market is strongly trending. For Dogecoin, this means that a major uptrend is very likely.
The $0.16 limit for near-term upside potential is also confirmed on the weekly chart. Weekly Tenkan-Sen is worth $0.16 and will likely act as a temporary source of resistance. Despite this optimistic picture, downside risks exist as well, but will likely be limited to 2022 lows near $0.11.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.