Mapping odds of DOGE whales sustaining rally beyond $0.14

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

The 61.8% Fibonacci resistance played out expectedly for Dogecoin (DOGE) after its price suffered a nearly 19.4% decline over 12 days. Sellers were quick to pull back the price point below $0.148.

As the buyers start building up pressure at the 38.2% Fibonacci resistance, the price action could see an extended tight phase before a bull run. At press time, DOGE was trading at $0.1444.

Source: TradingView, DOGE/USD

The alt’s latest breakdown from its 200 EMA (green) pushed the price back towards the critical price level of $0.13. This fall was preceded by a revival from its four-month down-channel (white) breakout rally. The corresponding growth entailed a bullish crossover of the 20 EMA (red) with the 50 EMA (cyan). Thus, revealing a gradual increase in buying force over the past month.

As the price traded around its near-term moving averages, the price would likely break into high volatility in the coming days. In the best-case outcome, a comeback above $0.14 would lay the foundation for a rally towards the $0.16 and $0.17-range. To top it up, the Supertrend kept its bullish position intact whilst the moving averages tilted north.

Conversely, the inability to find a close above the 38.2%-level after multiple retests could cripple recovery hopes. Especially towards the long-term bullish target of $0.17.

Source: TradingView, DOGE/USD

Despite the recent pullback, the Relative Strength Index swayed above its equilibrium. Any retracements could find support near its trendline support. In such a case, the alt could see a near-term lapse before a gradual recovery on its charts.

The OBV accommodated higher