- Dogecoin price action continues to recover from ten-month lows.
- DOGE could outperform several major cryptocurrencies on a confirmed breakout.
- There are risks to the downside, but the threat is limited.
Dogecoin price is nearing an important bullish breakout level that could trigger a massive upswing this weekend. It would be the strongest bullish signal in almost a year if confirmed.
Dogecoin price set to return to the $0.25 value area
From an Ichimoku perspective, Dogecoin price action is very close to confirming an Ideal Bullish Ichimoku Breakout. The only condition missing is a daily candlestick close above the Ichimoku Cloud.
On May 31, 2022, the price level that DOGE needed to close at to confirm an Ideal Bullish Ichimoku Breakout was $0.16 – but that threshold has now dropped. The threshold for Saturday is daily close at or above $0.146, and by Sunday, it drops even further to $0.14.
DOGE/USD Daily Ichimoku Kinko Hyo Chart
The daily Ichimoku chart compliments a hypothetical long opportunity on the $0.01/3-box reversal Point and Figure chart for Dogecoin price. The long idea is a buy stop order at $0.17, a stop loss at $0.13, and a profit target at $0.29.
The entry at $0.17, if triggered, would confirm the breakout above a double-top and simultaneously establish a Bear Trap pattern in Point and Figure analysis. That the Bear Trap forms at the ultimate swing low of the current downtrend gives the bullish breakout a high probability of succeeding and sustaining for a long time.
DOGE/USD $0.01/3-box Reversal Point and Figure Chart
The hypothetical long opportunity for Dogecoin price represents a 3:1 reward for the risk. A three-box trailing stop would help protect any profit made post entry. Buyers should anticipate significant selling pressure against the critical psychological price level of $0.25 before moving towards the projected profit target of $0.29.
Follow us on Telegram
Stay updated of all the news
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH
Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter
Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users
Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.