Dogecoin price could rally to $0.20, here's why
- DOGE price is seeing a shallow correction on the volume indicator
- Dogecoin price is still believed to be coiling inside a triangle formation
- Invalidation of the uptrend scenario is a breach below $0.1050.
Dogecoin price is never a digital asset to fully count-out. Infamously known for its erratic countertrend spikes, DOGE price has potential for one more rally if the technicals are correct.
Dogecoin price to the moon
Dogecoin price could see a rotational shift to the upside, likely to throw many traders off guard. The overall macro thesis remains as Dogecoin price coiling within a triangle formation. The invalidation for the triangle resides at $0.2109. The current Dogecoin price trades at $0.1360, which leaves 50% of uncharted territory for the bulls.
Analyzing the recent sell-off, the DOGE price appears to be consolidating under a shallow volume, which is a good sign for Doge investors. Traders reading this thesis are asked to understand this is a high trade setup as trading within triangles is exceptionally challenging. Still, the ideal situation is an additional upswing to $0.1792 to justify the recent upswing on April 09th.
DOGE/USDT 8-Hour Chart
Invalidation of the bullish countertrend move is a break below $0.1064. If the bears breach this level, the Doge triangle idea would be void. The bears could push the price back into the historical trend line at $0.09, resulting in a 30% dip from the current Dogecoin 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.
