- Dogecoin price was rejected at the $0.07 barrier.
- DOGE price sees an increase in market sentiment as Dogecoin is officially accepted by UBER as a valid form of payment.
- Invalidation of the bearish trend is a breach above $0.078.
Dogecoin price is a cryptocurrency traders should keep firm track of as market conditions could get very volatile in the coming days.
Dogecoin price could outperform most cryptocurrencies
Dogecoin price has recently witnessed a rejection at the $0.07 barrier, which could trigger another sell-off into June's 4-hour supply zone within the $0.05 region. On July 5, 2022, the bears showed up to add weighted pressure, printing a relatively large bearish engulfing candle on the 4-hour chart. This was a subtle display of sellers’ strength, as the candle is now the largest candle established for July.
Dogecoin price currently trades at $0.066. A Fibonacci projection indicator (surrounding June’s monthly high at $0.078 and the June 29 swing low at $0.0669, projected into July’s newfound swing high at $0.07) shows a 161.8 % Fibonacci level lying within the same vicinity of June’s 4-hour supply zone at $0.05. This target area should be watched very closely for a potential knife-catching opportunity.
DOGE/USDT 4-Hour Chart
On the contrary, there is a chance the continuation of the current downtrend can get overthrown. Just recently, Uber announced their willingness to engage with the cryptocurrency community as they are officially accepting Dogecoin as a valid form of payment for their services.
Thus, there is speculation amongst the crypto community that more service-providing companies will follow Uber’s trendsetting adoption of the notorious meme coin. The speculation alone should prompt day traders to keep an eye on $0.071, as a breach above it could induce serious volatility. Ultimately a retest of the $0.078 is the safest invalidation of the downtrend. A break of the latter could send the DOGE price into a massive bull run targeting $0.25, resulting in a 285% increase from the current Dogecoin price.
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