Lorenzo Stroe
Independent Analyst
- Dogecoin price is contained inside a descending triangle pattern on the 4-hour chart.
- The digital asset is on the verge of a massive 30% breakout towards $0.09.
- A key indicator has just presented a buy signal giving credence to the bulls.
Dogecoin price has finally calmed down after the massive pump and dump generated by Elon Musk and the Reddit forum WallStreetBets' members. Now, the digital asset is on the verge of another massive move within the next 24 hours.
Dogecoin price on the brink of a 30% move
On the 4-hour chart, Dogecoin price has established a descending triangle pattern, which is on the verge of being broken. Climbing above $0.07 will confirm a bullish breakout towards $0.09, a 30% move.
DOGE/USD 4-hour chart
The breakout is more likely thanks to a buy signal just presented by the TD Sequential indicator on the 4-hour chart. Dogecoin price is $0.067 at the time of writing, around 2% away from a potential breakout.
DOGE IOMAP chart
On the other hand, the In/Out of the Money Around Price (IOMAP) chart shows stronger resistance on the way up, especially between $0.07 and $0.071, which coincides with the level above.
The lower support trendline is formed at $0.062, which shouldn’t be too hard for the bears to break according to the IOMAP model. Losing this key level can drive Dogecoin price down to $0.043.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase to list Arbitrum with experimental label, warns users to send ARB only over Ethereum network
In a March 22 announcement, Coinbase revealed intentions to support Arbitrum’s upcoming native token, ARB, by listing it for trading on the largest cryptocurrency exchange in the United States. The disclosure was bountiful, featuring several other details for Arbitrum users.
TRON price crashes 12% as SEC charged founder Justin Sun for violating securities laws
TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.
ApeCoin price at crossroads, looks to retest February highs amid the alt season but there's a catch
ApeCoin price is at crossroads after trading within a symmetrical triangle on the one-day chart. The altcoin is in a neutral formation reliant on the impending breakout that will determine the direction of the next move. The pattern contains at least two lower highs and two higher lows.
Dogecoin Price Forecast: DOGE coils up for an upswing as alt season clocks in
Dogecoin price has heeded the invite to the alt season to trade with a bullish inclination and record more gains for investors. Despite overhead pressure due to multiple supplier congestion zones, DOGE bulls have put the right foot forward and now the meme coin is preparing for another northbound move.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.