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.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.