Dogecoin Price Prediction: Expect a decline, but don't miss the train if it leaves early pt.2

Dogecoin coils within a newfound congestion zone for nearly 2 months..
A sweep the lows event could present itself in the coming days..
Invalidation of the bearish scenario is a definitive closing candle above $0.0780. Said price action would induce a 75% rally towards $0.12.

DogeCoin price could experience a smart money liquidation targeting the lows at $0.05

Dogecoin price suggests caution

Dogecoin price shows weakness to start the 2nd week of August. Since early June previous outlooks have identified conservative and FOMO-induced bullish targets based on confounding bullish evidence. However the notorious meme coin has yet to validate even the most conservative bullish targeting $0.085. DOGE’s continuous congestive nature is the first anomaly to suggest a smart money threshold preventing the anticipated bullrun.

Dogecoin price currently trades at $0.070 as the bears are stepping in to force yet another lower high on the daily chart. The Relative Strength Index substantiates the newfound bearish outlook as bearish divergence is displayed between today’s current auction and previous swing highs established in both June and July. Lastly the volume profile indicator could be viewed as contrarian bearish, lack of interest from market participants could be attributed to the mundane price action.

DOGE/USDT 1-Day Chart

If the technicals are correct, traders should be very cautious with the Dogecoin token at current market value as smart money could induce a liquidation targeting the $).05 lows. The bullish scenarios targeting as high as $0.25 have not been invalidated but being an early buyer would be ill-advised. A breach of this bearish outlook’s invalidation point at 0.0780 would also justify an entry targeting bullish prices mentioned above. Traders should keep the Dogecoin price on their watchlists with multiple alerts to keep track of the unfolding scenario.

In the following video, our analysts deep dive into the price action of Dogecoin, analyzing key levels of interest in the market. -FXStreet Team

Share: Cryptos feed

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