Known as a meme coin, Dogecoin managed to exceed the 0.1 dollar level after a long time, but the rise was short-lived due to fluctuations in the Bitcoin price. Looking at the important developments of the week, it was indicated that Bitcoin could gain positive momentum until Friday, but it might follow a stable course due to the impact of upcoming data.
DOGE price saw a new local peak of 0.106 dollars by breaking through the 900-day trend line on the weekly chart. However, if Dogecoin’s 10th-year peak is not pushed further, this could be recorded as the fourth unsuccessful attempt.
While the RSI indicator suggests that the price increase might continue, Bitcoin’s price returned to 43,780 dollars after the recent drop. The rise of altcoins will depend on the level at which Bitcoin consolidates. If the price remains in this range for a while, it could offer opportunities for impressive rallies that may last several weeks for altcoins.
Although the weekly chart still shows a positive outlook, movements on the daily chart are being monitored for shorter-term predictions. Despite reaching the highest level of the year, the length of the last upper wick on the daily timeframe chart is concerning.
Long upper wicks reflect dominant sales, and Dogecoin has been unable to overcome resistance due to the heavy supply coming from large investors for months. If the selling wave gains momentum again, the rally target may have been achieved. This is especially important while there is a risk of correction in the Bitcoin price.
The resistance area of 0.095 dollars, which has remained stable since the beginning of the year, is of critical importance for the future of the price. A Turkish crypto analyst mentioned that they exited their position as the price reached resistance. Losing the 0.085 dollar level could trigger a squeeze. If it drops to the green box, one might consider repurchasing near the price. Despite the downward movement of the price, the daily RSI is upward. The path that Bitcoin price will follow and whether DOGE price can stay above resistance will be decisive for the future. If we see a successful breakout, it could reach 0.145 dollars with a 50% increase. Otherwise, the price could fall to 0.07 dollars.