DOGE breakout could kickstart 10% rally

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• Dogecoin price has been consolidating below a key hurdle at $0.060 for nearly two weeks.
• A breakout above the said barrier could trigger a 10% rally to $0.0662.
• A daily candlestick close below $0.0582 will create a lower low and invalidate the bullish thesis. 

Dogecoin (DOGE) price shows a willingness to rise higher after its recent encounter with two key hurdles. If this bullish momentum continues, DOGE could kickstart a strong rally.

Read more: Dogecoin co-founder calls on SEC to refund taxes as Coinbase lawsuit heats up

Dogecoin price ready to make a move

Dogecoin (DOGE) price stayed below the $0.0593, $0.0603 for nearly two weeks. The surge in momentum over the last 24 hours has caused the meme coin to produce a 12-hour candlestick close above $0.0603. 

If this move is successful and Dogecoin price sustains above $0.0603, it could attract sidelined buyers and kickstart a 6.30% upswing to $0.0642. In some cases, DOGE might extend the run-up to $0.0662, bringing the total gain to 10%.

While Dogecoin price shows a bullish outlook over the weekend, investors need to be careful as the fresh start of a week could reset the existing bias. 

Also read: Dogecoin shows resilience despite DogeFather Elon Musk’s legal troubles

DOGE/USDT 4-hour chart

On the other hand, if Dogecoin price produces a daily candlestick close below $0.0582, it would create a lower low. This move could attract sellers and potentially trigger an 8.90% crash to $0.0550. 

Also read: Dogecoin NFT community ‘own the Doge’ is installing Kabuso Dog’s statue in Japan