- DOGE price displays subtle cues of bearish exhaustion.
- Dogecoin price has several extended impulse waves.
- Invalidation of the bullish thesis is a close below $0.069
Dogecoin price is forming unpredictable behavior. A price spike back into $0.10 now has a high probability.
Dogecoin price is ready to move
Dogecoin price continues to display the need for balance within the steep declining price action. The bears have been able to short the digital asset with extending impulse waves since May 12th. The current consolidation is coiling unpredictably. This could be early evidence of bearish exhaustion. Intraday traders should look for A truncated five-wave pattern before the next bullish rally occurs.
Dogecoin price could balance out the extended dip in price action by establishing a countertrend rally as high as $0.13. A more conventional target is the $0.10 zone to fill the bearish gap that occurred on May 11th. The Relative Strength Index provides some short-term bullish confluence as the DOGE price trades at $0.08 while maintaining support on the buyers' 40 levels.
DOGE/USDT 4-Hour chart
Invalidation of the bullish scenario is a breach and close below $0.069.
If the bears can produce price action at the invalidation level, they could continue to rally towards $0.05, resulting in a 40% decrease from the current price.
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.
Recommended Content
Editors’ Picks
What Shiba Inu price needs to do to trigger a breakout
Shiba Inu (SHIB) price is seeing a bit of a pullback and could drop even further in search of support after bulls failed to keep their act together during the recent rally and began grasping at early profits.
Former Ripple CTO is dumping millions of XRP, traders beware
XRP price shows promise that it is ready to trigger a massive run-up as the first half of the year comes to an end. There are three reasons why investors should be bullish on Ripple.
Is Cardano’s Vasil hard fork a ‘sell the news’ event?
Cardano price looks like it will face a massive amount of selling pressure that could lead to choppy price action. However, the fundamental side of things looks good for ADA considering the recent update regarding the highly anticipated Vasil hard fork.
New sources affirm USDD is on a path to collapse like Terra’s UST
Tron launched its stablecoin USDD in May, at the same time as Terra’s sister tokens LUNC (formerly LUNA) and UST were imploding. The stablecoin recently detached from its $1 peg, sparking fears of a crash.
Bitcoin: Everything you need to know about BTC 200-week MA
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.