• Dogecoin price action is under pressure as global markets are nervous about a possible escalation between Ukraine and Russia.
  • DOGE looks set to break the low from the previous week and dip towards $0.1357
  • Expect once DOGE price reaches that level to see a rally into the weekend that could hold 40% gains.

Dogecoin (DOGE) is set for a solid rally but first needs to face the most vital forces with global markets pressing on all assets with a mood of risk-off, as today and tomorrow could be the tipping point in the escalation towards a war between Russia and Ukraine. As tailwinds are just too big a force to face, DOGE will dip further towards solid support at $0.1357. Once bulls enter, expect a big rally that could swing up to 40% towards $0.19.

Time for the bulls to stake a step back and look at the bigger picture

Dogecoin is under pressure as the overall cryptocurrency space joins global markets rattled by a crucial moment in the Russia-Ukraine development. As Russian army exercises near the Ukrainian border are set to end tomorrow, the crucial moment for a possible invasion to take place before then. This is putting markets on edge with risk-off across the board and EU equities down more than 3%.

This risk sentiment is weighing on DOGE price action with the low of last week being tested, and bears using the entry-level from Sunday at $0.1594 where the 55-day Simple Moving Average and the pivotal historical level delivered a firm rejection to the upside. With that, expect this downtrend to continue today and dip towards $0.1357, which already proved its support at the end of January. Once there, expect bulls to jump on the opportunity and lead a rally that could jump as much as 40% towards $0.19 once the geopolitical rhetoric dies down and cools off.

DOGE/USD daily chart

DOGE/USD daily chart

Should Russia engage in war with Ukraine and invade, expect this to pull the trigger for investors to flee the markets and cause a fire sale across the board. For DOGE this would mean that it could tank another 24% on top of the 7% forecasted for today. That would bring DOGE price action down to around $0.1030, where the monthly S1 support level is situated, the red descending trendline and the $0.1000 psychological level – providing three elements that could catch the falling price action.

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Polkadot price at risk of printing new lows for 2022

Polkadot price at risk of printing new lows for 2022

Polkadot (DOT) price action has been on the cusp of breaking the chains of the bear market as, at one point this week, bulls tried to make a run for $6.92. Instead, they were cut short in their tracks by a very simple technical cap. Expect to see some possible gains being eked out.

More Bitcoin news

Terra price action struggles as a cap hang over its performance

Terra price action struggles as a cap hang over its performance

Terra (LUNA) price action has slightly recovered after the second negative print on its weekly performance in a row. The Barr looks to be set at $0.000306 as a cap to the upside for now and is currently handing bulls a strong rejection. 

More Terra news

Shiba Inu price is broken as it does not represent current market turmoil

Shiba Inu price is broken as it does not represent current market turmoil

Shiba Inu (SHIB) price action has been flirting with both sides of the trading spectrum and has not moved that much between bears and bulls. It has taken until the weekend to see a sense of direction finally.

More Shiba Inu news

Limited upside, large potential downside for Ethereum price action

Limited upside, large potential downside for Ethereum price action

Ethereum (ETH) price is withstanding the volatile week markets had to face quite well. With the implosion of the UK bond market, the move towards annexation by Putin and the sabotage of the Nordstrom pipeline.

More Ethereum news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP