Dogecoin is still underwater as bears aim for $0.12
- Dogecoin price is still following the bearish thesis
- DOGE price has printed lower highs progressively
- Invalidation is a close above $0.15
Dogecoin price still struggles to reclaim grounds as the price is currently submerged at $0.1366. Traders should consider the macro thesis before making a longterm investment.
Dogecoin price doesn't have much appeal
Dogecoin price is coiling into a very tight range, likely to steer traders away from the notorious meme coin. Currently, the DOGE price trades at the lower end of this week's range and could retest the lows at $0.1337 established on Monday.
Dogecoin price macro thesis remains as an unfolding descending triangle until proven otherwise. The DOGE price could continue coiling as the weeks progress and make lower highs and higher lows. The volume profile does not indicate much volatility in the market, so even small scalps can become rather challenging.
DOGE/USDT 4-Hour Chart
Invalidation of the bearish thesis is a close above $0.15. If the DOGE price can rally into the $0.15 pivot high, the bulls could conquer more territory into the $0.18 region resulting in a 30% increase from the current DOGE price,
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
