Dogecoin price bulls are jumping higher as global markets hand out gifts
|- Dogecoin price rallied over 2% intraday on Monday during the European session.
- DOGE already prints a fresh high for December, as this month could become the best performance of 2022.
- Watch for this element to enter a rally that could stretch until $0.16.
Dogecoin (DOGE) price is back among the living as price action enters a two-day winning streak for now, with over 2% of gains in the books. Although on the top end for today, bulls received a firm rejection against the new monthly pivot for December at $0.1119. As long as the support at $0.10 holds, expect to see a jump higher that could bear 48% gains if a strong rally throughout the week materialises.
DOGE sees stars aligning for a Christmas rally
Dogecoin price is moving higher in an environment that is starting to turn away from the overall narrative dictating most of the 2022 price action. With China reopening and further downsizing its covid measures, rates are dropping as bonds become more bid. Meanwhile, the job market in the US is still tight while inflation is coming down, pointing to a possible soft landing and goldilocks scenario for risk assets. All these elements, combined with a weaker US Dollar, are giving cryptocurrencies the much-needed fuel to rally firmly and broadly this week.
DOGE thus already received rejection at the monthly pivot at $0.1119 and printed a fresh high for December. As long as the rally can count on support from $0.1004, expect to see another leg higher as tail risks abate and deflate further. That current sentiment revaluation could see DOGE jump to $0.1357 before hitting $0.16 and flirting with the high of November by the end of this week.
DOGE/USD daily chart
As already mentioned, early this morning in the ASIA PAC session, DOGE received a rejection on the top side against that monthly pivot for December. Should the fade continue further into Tuesday and Wednesday, pressure will build on $0.1004. Once that breaks, expect $0.0944 to try and salvage the broken rally as the last resort.
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.