Jonathan Morgan
Independent Analyst
- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Christie’s moves on-chain with NFT auction platform on Ethereum
After a series of successful high-priced nonfungible token (NFT) sales, Christie’s has launched its own dedicated NFT "on-chain auction platform," allowing auctions to be carried out fully on-chain on the Ethereum network.
Binance Coin price could shed more than 10% if this trend continues
Binance Coin price has been on a downtrend for quite some time and has intensified after the recent sell-off in Bitcoin price. Investors need to pay close attention to the BNB’s moves over the last three weeks, which revealed a bearish setup.
Ethereum price still stands a chance to rally to $1,500 for these reasons
Ethereum price failed and was rejected at the 38.2% Fibonacci retracement level. There is a significant downtick in bearish momentum amidst the recent decline. Invalidation of an uptrend potential depends on the swing low at $1,006 remaining untagged.
Cardano (ADA) Price Prediction: A sweep of the summer lows in the making
Cardano price congestive nature continues during the final week of Sept. Despite the rest of the market experiencing volatile moves this week, the price has been quite stagnant. ADA currently auctions at $0.44 as the bears have prompted a 4% drop in market value.
Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation
Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.