• Dogecoin has been unable to tag along with the broader crypto recovery going into its second trading day.
  • DOGE price seems rather set to trade sideways-to-lower from investor lack of interest.
  • Do not expect massive rallies, as investors are only on the lookout for short-term opportunities.

Dogecoin (DOGE) price has been left out of the relief rally that is going on in markets for the second day in a row. Safe-havens are coming off their highs in several asset classes, and risk assets such as cryptocurrencies are seeing more inflows. The risk is that Dogecoin price will miss the boat and see investors turning their back even further on the altcoin, leading to a deeper decline in price action soon.

DOGE is set to be on the sell list in this unique rally

Dogecoin price is printing small gains compared to several other characters in the same asset class, such as Bitcoin for example, which is printing over 2% gains versus only 0.33% for DOGE. This points to an important element to understand in this relief rally: traders and investors are picking the very liquid and more traded assets instead of choosing the alt-currencies. This means that DOGE price is missing the boat whilst the participants are very much aware that the rally will be short-lived.

DOGE price is at risk, and is seeing its price action drop back towards the lower levels from 2022. Do not expect to see the $0.0484 level straight away, but rather look for $0.0550 to be challenged first, at the monthly S1 and the low of September. It would take another catalyst to trigger the drop towards $0.0484, which would come with a loss of 20%.

DOGE/USD Daily chart

DOGE/USD Daily chart

Alternatively, it could also be the case that DOGE price catches up, rallying higher and seeing more inflows from traders and investors as a turnaround in the market could be at hand. In that case, expect to see a DOGE price valuation around $0.0650. The subsequent 55-day Simple Moving Average (SMA) is likely to be too much of a cap, however, refraining bulls from making more profits and higher highs. 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

Bitcoin is trading above $67,000 on Sunday after securing support at $65,000. While BTC holds its gains steady, analysts evaluate the price trend of the largest asset by market capitalization and predict a deeper correction in Bitcoin. 

More Bitcoin News

AI tokens could really ahead of Nvidia earnings

AI tokens could really ahead of Nvidia earnings

Amidst other narratives, AI tokens could gather momentum with the upcoming earnings result of NVIDIA next week. The $2.3 trillion company’s stock emerged as a poster child for the crypto AI sector and gains in the stock catalyzed a rally in cryptocurrency tokens. 

More Cryptocurrencies News

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback

Lookonchain identified a large wallet investor who rotated capital from Solana based meme coin Dogwifhat to Doland Tremp and Bonk. The two meme coins have added double-digit value to their prices in the past 24 hours, as seen on CoinGecko. 

More Solana News

Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Crypto industry giants supported political campaigns in the US looking for pro-crypto governance in the US. A Bloomberg report from May 17 shows that crypto donors have spent $94 million in an effort to get pro-crypto regulation in the US. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP