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Dogecoin

Dogecoin Bollinger Bands Tell A Bullish Story, Here’s The Level To Watch

Scott Matherson
by Scott Matherson
6 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin’s price action with the Bollinger Bands indicator shows it is now at a junction of either a breakout to the upside or another downward move. Technical analysis shows that Dogecoin’s interaction with the Bollinger Bands suggests it could go on a swift upwards move. However, there remains a critical risk factor that the bulls need to keep an eye on.

Dogecoin’s Struggle Around The Middle Bollinger Band

Dogecoin’s price action with the Bollinger Bands was noted on the TradingView platform by crypto analyst SwallowAcademy. SwallowAcademy’s analysis highlights that since the start of February, Dogecoin has been trading within the Bollinger bands, but not without turbulence. A price crash in early February saw Dogecoin break below the lower Bollinger band on February 3 with a strong wick. However, it has since recovered and is now back trading within the Bollinger bands. 

Related Reading: Dogecoin Price Mirrors Bullish Pattern From Last Cycle, Is A Rally To $6 Possible?

Typically, such a move is followed by a rally toward the middle Bollinger band, which has indeed happened. Instead of continuing into a full-fledged bullish trend, DOGE has faced resistance at the middle band. This shows that there’s either a lingering selling pressure or a lack of strong buying pressure. 

Dogecoin
DOGE trending inside the bollinger band | Source: SwallowAcademy on Tradingview

This behavior is unusual compared to Dogecoin’s price action this cycle, where it would typically see a reversal to the middle band and then a continued move toward the upper Bollinger band. Instead, the cryptocurrency remains stuck around the middle band, struggling to break through convincingly. As noted by the analyst, the key test now is whether the meme coin can break past this resistance, which could cause a rally of at least 15%.

The Danger Level To Watch For DOGE Bulls

The bullish plan is for Dogecoin to break above the middle Bollinger band and then aim for the upper band. If Dogecoin manages to hold support and push beyond the middle Bollinger band resistance, the bullish outlook remains intact. Breaking past this level would likely cause a return above $0.30. From here, there could be a stronger move toward the $0.40 price level, which would then confirm a continuation of the larger uptrend. However, there is a critical risk factor that bulls need to keep an eye on.

Related Reading: Dogecoin Price: Analyst Drops Comprehensive Technical Analysis, What You Should Know

There’s a possibility of a deeper retest before a major breakout that cannot be ignored. The analyst noted that following Dogecoin’s explosive breakout in November 2024, there was no proper retest of a key resistance zone within that rally. As is the nature of cryptocurrencies, such gaps tend to get revisited, meaning there is a possibility that DOGE could decline to retest the unfilled order block.

If this scenario plays out, Dogecoin could drop to as low as $0.20 again. A successful retest of this zone could then lay the foundation for a significant breakout to the predicted $0.4 target.

At the time of writing, DOGE is trading at $0.2534.

Dogecoin
DOGE trading at $0.25 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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