Dogecoin presents buy opportunity before DOGE hits $0.34
|- Dogecoin price shows signs of a bottom developing.
- Point and Figure charts await confirmation of a new bull market.
- The early entry zone could trigger a 75% gain for Dogecoin.
Dogecoin price has frayed the nerves of both bulls and bears alike. Bears especially have been on the more painful end of the Dogecoin trade due to their inability or lack of desire to push Dogecoin into a flash-crash towards single digits.
Dogecoin price action shows a new bull market has already started
Dogecoin price action on the $0.005/3-bx Point and Figure chart shows the prior bear market angle was broken when Dogecoin moved to $0.215. After breaking that bear market angle (red diagonal line), the Point and Figure chart converted into a bull market. Ever since the bearish trendline was broken, however, DOGE has pushed lower.
The current retracement has undoubtedly shaken the resolve of many hodlers and buyers who are still on the sidelines. One interesting facet of Point and Figure analysis is interpreting the change of a market from bull-to-bear or bear-to-bull. The initial corrective move (throwback or pullback) is not viewed as a weakness but a sign of strength. And that is where trading opportunities occur.
There is a phenomenal early entry opportunity now on the Dogecoin price Point and Figure chart. The theoretical long opportunity is a buy stop order at the 3-box reversal off the current column of Os, currently at $0.1950. A 4-box stop loss (currently at $0.175) and profit target at $0.335 complete the long setup. A 3-box trailing stop would help protect any implied profits post entry.
DOGE/USDT $0.005/3-box Reversal Point and Figure Chart
The long setup remains valid as long as Dogecoin price remains above the bull market trendline (blue diagonal line). If it prints a box that breaks that angle, the long idea is no longer valid.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.