Dogecoin price jump roughly 60% between June 19 and June 26 and set a swing high at $0.078 level, just below the high-time-frame resistance barrier at price of $0.082. This massive uptrend faced exhaustion before retesting a crucial level, resulting in an 18% retracement.

Dogecoin price signals its intention

The price correction was supported by the 8-day Exponential Moving Average. Dogecoin is currently trading above the 8-day EMA at price of $0.067 and the 34-day EMA at $0.072. As the dogecoin gets coiled up, the possibility of a volatile move seems more likely. 

Assuming the breakout favors the price bull, Dogecoin price can rally 20% to retest the $0.082 level. The upside movemomentum could be capped here, but a resurgence of buying pressure that flips this level into a support level floor will signal that bulls want more.

In this case, DOGE price could travel another 34% to retest the $0.109 ceiling. This run-up, in total, would constitute a 60% gain and is likely where DOGE price forms a local top.

On the other side, if Dog price produces a daily candlestick close below $0.048 level, it will create a lower low and invalidate the bullish price thesis for DOGE. This scenario could further evolve into sellers taking control and crashing the Dogecoin coin by 70% to $0.014.

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