DOGE positions itself to rally that may never come

    • 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.

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