- Dogecoin price gets a massive pump during the Monday trading session.
- Buyers test key resistance zones ahead
- Dogecoin needs to close at or above $0.28 to begin a new bull run.
Dogecoin price has gained as much as 15% during the Monday sessions, outperforming nearly all significant cryptocurrencies. Roughly half of that gain has been retraced, but buyers show resilience in maintaining a stable trading range near the $0.25 value area.
Dogecoin price looks for a 58% gain as bulls target $0.37
Dogecoin price has one of the most potent multi-top setups on its $0.005/3-box reversal Point and Figure chart: the triple top. The hypothetical trade setup is a buy stop order at $0.28 with a stop-loss order at $0.26. The vertical profit target method in Point and Figure analysis gives a hypothetical profit target at $0.37.
$0.005/3-box Reversal Point and Figure Chart
Dogecoin price has two primary resistance levels it needs to close above on the daily chart to continues its present momentum. The first is the weekly Tenkan-Sen and 61.8% Fibonacci retracement at $0.26. The second is the top of the daily Cloud (Senkou Span B) at $0.27.
DOGE/USDT Daily Ichimoku Chart
Bulls and bears will want to observe Dogecoin price as the trading day winds down. If sellers gain momentum and can close Dogecoin below the daily Cloud, then all hope for buyers will likely be destroyed. Many buyers will be trapped and will likely be feeling much anxiety as prices move lower. The critical zone to watch on the daily Ichimoku chart is close below the Kijun-Sen and 38.2% Fibonacci retracement at $0.23. Sub $0.20 trading ranges are likely if $0.23 fails to hold support.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.