Dogecoin price consolidates in a make or break zone as price trades at $0.1350
- Dogecoin price tests the median line within a parallel channel on the 3-hour time frame.
- DOGE price volume is tapering off.
- Invalidation of the bearish scenario is a drop below $0.1472
Dogecoin price looks range-bound before further declines set in
Dogecoin price is displaying mixed signals in an overall bull market. Last week's thesis mentioned a lack of intelligent money interest in the popular meme token based on technicals. This week's price is continuing to play within a 5% range, likely to bore traders. Scalpers can look for countertrend moves to the upside as the price consolidates above a 4-hour parallel channel line. However, they should keep in mind a definitive low has yet to become established on the current intraday downtrend.
Dogecoin price will likely fake out many traders as the price has either ended or is still within a choppy three-wave swing labeled wave C in the bearish triangle. Trading this asset is not advised currently, as there will be better opportunities in the crypto market.
DOGE/USDT 3-Hour Chart
Dogecoin price shortterm trajectory is still bearish-neutral. Invalidation of the downtrend scenario will occur if the DOGE price can establish price action into the pivot at $0.1472. If this scenario were to play out, then DOGE price could make a new springtime high labeled wave C at $0.18 and $0.19.
DOGE/USDT 1-Day Chart
Author
FXStreet Team
FXStreet
