- Dogecoin price is breaking away from a breached trend channel.
- DOGE price initial rally took 116 days to occur.
- Invalidation of the macro thesis is a break at $0.00560.
Dogecoin price could be the outperformer in the next few months. Here are factors to keep in mind.
Dogecoin price looks promising
Dogecoin price looks very optimistic to start the third week of June’s trading session. The notorious meme coin saw a retest of the breached Elliot wave trend channel on June 10 into a $0.05 level. The acquaintance was followed by considerable sideways price action within the region. On Tuesday, June 21, the bulls produced a spike above the consolidative zone, which may be an entry for savvy traders willing to take a risk.
From a macro perspective, the Dogecoin price looks on pace to reach $1.00. The volume pattern has tapered out, there is visible Relative Strength Index divergence, and the trend channel has been breached. Some Elliot Wave practitioners would say that wave 5 price action usually replicates wave 1 price action in either time, momentum, or both. If this idea is applied to DOGE price, then the notorious dog coin could see a peek into $1.00 by October of this year.
DOGE/USDT 4-Day Chart
Still, anyone reading this thesis should be dually aware that the DOGE coin can still fall into lower targets, specifically a $0.02 price level, without invalidating the macro count. This double scenario must be kept in mind and should warrant investors to dollar cost average approach DOGE to reduce their cost basis if any more dips occur.
Invalidation of the entire macro count is dependent on $0.00560 not getting breached. If this wave 1 price level were to get tapped, the entire move would be void. Dogecoin would see a catastrophic demise into $0.001 and lower, resulting in over a 100% decrease from the current DOGE 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
Ripple's XRP breaks out of downtrend as RLUSD receives greenlight from New York regulators
Ripple's CEO Brad Garlinghouse announced on Tuesday that the company received a green light from the New York Department of Financial Services on the launch of its stablecoin RLUSD.
Could Google's supercomputer crack Bitcoin? Crypto community maintains positive outlook
Bitcoin faced mixed sentiments on Tuesday after crypto community members spoke on the potential of Google's new quantum chip Willow's ability to crack blockchain networks and render the security of public key cryptography useless.
Crypto Today: Microsoft Rejects Bitcoin Reserve Plan, as Cardano, XRP Lead Market Rebound
Amid an escalating geopolitical crisis, the global crypto market crash on Monday saw over $1.5 billion worth of liquidations, triggering double-digit losses across top-ranked digital assets.
Litecoin Price Prediction: LTC to hold $100 support as traders deploy $10M of leverage
Litecoin price broke below the $110 level on Tuesday, down 20% in a frenetic 24 hours as rising geopolitical risks triggered volatility across global crypto markets.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.