- Dogecoin price seems to have formed a bottom as it set up a higher low at $0.30 on June 12.
- Overcoming the resistance level at $0.328 and setting up a higher high above $0.355 could begin the upswing.
- However, the buyers’ inability to push past the immediate supply barrier at $0.328 or $0.367 might result in a reversal.
Dogecoin price appears to be bullish and shows signs of a potential new uptrend. However, this upswing needs confirmation, which will arrive after DOGE produces a decisive close at a critical resistance level.
Dogecoin price vies for an uptick
Dogecoin price has been on a significant downswing since setting up a swing high on June 2 at $0.448. After a 34% sell-off, DOGE formed a bottom above the support level at $0.293 and looks ready to rally.
However, despite Bitcoin price crossing $40,000, a crucial psychological barrier, altcoins, including DOGE, have failed to perform, suggesting that investors are only interested in BTC.
Assuming a potential spike in buying pressure does arrive, Dogecoin price needs to close above an immediate resistance level at $0.328.
Following this, the meme coin needs to set up a higher high above the previous swing high at $0.355 created on June 9. While this move might serve as an initial confirmation, a decisive close above $0.367 will signal an uptrend’s start.
If this were to happen, Dogecoin price might tag the resistance barrier at $0.399, roughly 22% away from the current position, $0.325.
DOGE/USDT 4-hour chart
Investors need to note that a failure to rise above $0.367 will indicate that the sellers are not done yet. In that case, DOGE could retest the demand barrier at $0.293.
However, a decisive close below $0.293 will set up a new swing low and open up the possibility of a 25% downswing to $0.213.