Recently,Difference between meme coin and crypto Dogecoin (DOGE) has been consolidating below the range of $0.0712 to $0.108. It has struggled several times near the key level of $0.0712.

If successfully breaking through this barrier and entering the support level, Dogecoin bulls may experience an explosive surge. Specifically, a recovery of DOGE above $0.0712 is likely to trigger a 25% increase in DOGE price.

Over the past 40 days, Dogecoin price has been consolidating below the range of $0.0712 to $0.108. The momentum oscillator has crossed above the zero line, and the Relative Strength Index (RSI) has risen above the average level of 50. These indications suggest that the bullish momentum is strengthening.

Furthermore, the Wave Trend indicator has successfully flipped above the zero line, signaling a potential bullish crossover on the horizon. Therefore, investors need to closely monitor the price of Dogecoin as it approaches a breakthrough.

On the daily or higher frames, decisively turning the $0.0712 level into a support level will trigger a bullish rebound.

Short-term targets include seller liquidity at $0.08, with the second target being the midpoint of the aforementioned range at $0.0896. This move would result in a total increase of 25.77% in the Dogecoin price.

DOGE/USDT Daily Price Chart, Source: TradingView.

On the other hand, if the Dogecoin price is rejected at the $0.0712 resistance level, it could retrace by 11.50% and reach the support level at $0.0642.

Breaking below this support would create a lower low and invalidate the bullish argument. In such a scenario, the Dogecoin price may revisit the base point at $0.0539.