- Dogecoin price sees the 55-day SMA underpins bullish action.
- DOGE price set to jump towards the 200-day SMA, playing the range.
- With that move, Dogecoin price would gain 35% of value to $0.1800.
Dogecoin (DOGE) price jumps as tailwinds in Europe overpower headwinds from the U.S., with bulls storming out of the gate and booking a three-day winning streak. The rally started on Easter Monday with the 55-day Simple Moving Average (SMA) and monthly pivot acting as entry levels, returning 10% of value to investors. In a range play towards the 200-day SMA, coinciding with the monthly R2 resistance, a 35% trade is a possible outcome for this rally.
DOGE price set to add $0.4 of appreciation
Dogecoin price is rallying into its third day today within a rally that started on Easter Monday, where intelligent bulls used the limited trading volume to ramp up price action quite quickly. With markets coming back in on Tuesday, plenty of investors jumped into the spotted trade and could still comfortably place their stops below the 55-day SMA and the monthly pivot. Additionally, the current dollar weakness is helping to open up some more room and enlarge any intraday gains.
DOGE price at first will face $0.1594, near $0.1600, with the monthly R1 resistance as the historical level as a double issue. From a trade management perspective, this would translate into a 1-to-1 trade setup with a 10% stop loss against 10% possible gains to be booked for investors entering at current levels around $0.1450. Should the dollar further back off and positive sentiment in the market pickup further, expect to see that trade turn into a 1-to-2.5 trade setup with a 10% stop loss and a possible 25% gain entering at current levels, with the profit target set at $0.18, which coincides with the monthly R2 and the 200-day SMA as double and robust resistance to the upside.
DOGE/USD daily chart
This evening TESLA(TSLA) will come out with earnings after the closing bell, one of the most significant components in the NASDAQ. Seeing the correlation between the NASDAQ and cryptocurrencies, another setback after the significant 25% drop from NETFLIX (NFLX) could trigger a panic trade in markets, with investors quickly unwinding their positions at any price. That would trigger a drop below the 55-day SMA towards $0.1242.
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.
Follow us on Telegram
Stay updated of all the news
This is why a mere 15% rally in Lido DAO price could be a game-changer for LDO holders
Lido DAO price is following the rest of the market due to the regulatory events that transpired in the last few days. However, the DeFi token is generally unlikely to pursue the path set by any other cryptocurrencies, including the likes of Bitcoin. This might play in favor of LDO.
LINK holders opt to sell as Chainlink price falls by 9% in a week, new investors on the rise
Chainlink price, after following the broader market cues, is nearing a key support level that was last visited by the coin in January this year. This has discouraged LINK holders to the point where selling has become a preferred option. However, newer investors are countering this selling by accumulating, preventing a severe decline.
Optimism price could rally 50% as network upgrade inspires new wave of OP adoption
Optimism (OP) price appears to have found support after a new buyer congestion zone came into effect to prevent the free fall. Accordingly, the Ethereum Layer 2 (L2) token is trading horizontally, giving bulls time to accumulate OP at affordable rates.
Binance CEO addresses chat records disclosed by the SEC
Binance CEO Changpeng Zhao has issued an internal address to company staff, asking them to focus on work and developing products people can use. The internal memo comes after the United States Securities and Exchange Commission (SEC) disclosed chat records between Binance employees in an attempt to support its case against the largest crypto exchange by trading volume.
Top 3 cryptocurrencies that outperformed Bitcoin, Ethereum this week
The US Securities and Exchange Commission’s (SEC) crackdown on cryptocurrencies triggered a correction in the prices of Bitcoin, Ethereum and several altcoins with large market capitalization.