The price of Dogecoin is impeded as it attempts to clear a barrier to resistance. After refusal, a small pullback will appear before bulls launch an upswing.
Dogecoin price is currently confronted with the $0.332 state trend resistance level Tom DeMark (TD) Sequential indicator that prevents it from rising higher.
A critical narrowing of this level could call for a possible sell signal for a green 9 candlestick, which predicts a one-to-four candlestick correction, from the TD Sequential indicator.
If that is the case, investors should expect Dogecoin prices to seek assistance from $0.262 to $0.302 in the demand zone. Here, buyers could try another 25% increase to $0.414.
On the other hand, if the purchasing pressure persists, DOGE could disregard the threat of a reversal and go up to its $0.414 mark.
Into TheBlock’s IOMAP (In/Out of the Money Around Price) model adds a tailwind to the bullish narration which shows that there were no resistance obstacles.
Around 38.700 DOGE-purchased addresses are “out of the money.” “Out of the funds.” Clearing this amount would also bring Dogecoin’s price to a level less resistant to re-assessing its recent $0.414 swing.
Regardless of the technics, the bullish impetus will be challenged by a possible increase in sales pressures that drive the price below $0.285.
However, a decisive 4-hour candlestick close below $0.262 would invalidate the bullish thesis and trigger a 13% downswing to $0.226.