|

Dogecoin price could triple this month, here's what to look out for

  • Dogecoin price breaks away from the breached historical trend line.
  • DOGE price has printed an impulse wave up.
  • Invalidation of the bullish thesis is a breach below $0.489 with contingencies. (read below)

Dogecoin price could soon become the best moving asset within the crypto market. Keep your eyes on the dog.

DogeCoin price looks very promising

Dogecoin price is amongst analysts' top 5 crypto watch list, as the notorious meme coin could soon become a crypto outperformer. The technicals from a macro perspective have been outlined in previous outlooks as very bullish with targets in the $1.00 price level. On June 24, the stars seem to align with Elon Musk's favorite cryptocurrency as day trading hours forecast a possible early-entry setup. 

Dogecoin price trades at $0.065 as the bulls are trotting away from the historical trend line. In the process the bulls have printed an impulse wave up from the June 19 lows at $0.048. If the impulse is indeed the first wave of a larger rally, the DOGE price could become a moving rocket with targets at $0.175 and higher this month. It is worth noting that the Dogecoin price provides sparse bullish confluence as wave one signals are often hard to detect. 

tm/doge/6/24/22

DOGE/USDT 1-Hour Chart

Invalidation of the early entry bullish trade setup is the June 19 low at $0.048 with a caveat. Before buying, traders should look for one more C-wave retest of the $0.057 zone. If the retest occurs, the next break away from $0.069 could be an entry point with a firm stop loss at the invalidation level. Keep in mind that if the invalidation level at $0.048 were breached, the bears could re-route towards $0.037, resulting in a 43% decrease from the current 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:

Editor's Picks

Zcash Price Forecast: ZEC declines as US inflation surprise offsets fresh ETF inflows

Zcash is trading in the red, extending its previous day’s roughly 6% losses as the broader cryptocurrency market falls on rising US inflation. The US Consumer Price Index print came in higher than expected, at an annual increase of 3.7% versus the expected 3.6%, raising concerns about inflation and rate hikes.

Ripple and Stellar outlook: XRP and XLM extend losses as US inflation data weighs in

Ripple and Stellar extend their losses on Thursday as bearish momentum builds, having corrected over 7% and 11% so far this week. XRP and XLM both slip below key support zones, indicating weakening technical structure.

Bitcoin falls on hot CPI: Why $80,000 support matters

Bitcoin's most critical level to watch is near $80,000 as September's hot inflation reading pressures the crypto market, according to Glassnode. The top crypto declined within minutes of the September CPI release, which showed a 3.7% annual increase in headline inflation, above forecasts of 3.6%. Core inflation, which excludes food and energy prices, came in at 2.6%.

Ethereum Price Forecast: ETH falls below $2,500 as hot CPI raises Fed hike odds
Ethereum (ETH) extended its decline below $2,500 on Wednesday after a hotter-than-expected US inflation print renewed selling across the crypto market. At the time of writing, the top altcoin trades near $2,430, down 3.1% in the past 24 hours. The US Consumer Price Index (CPI) for September rose 0.6% monthly, in line with market forecasts and up from a 0.4% increase in August.
Bitcoin: Uptober or Rektober?
Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.