|

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.

TM/DOGE4.29.22

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.

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.

More from Tony M.
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.