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.
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.
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.
