Dogecoin price sees bulls flipping coins whether or not to book gains for this week
- Dogecoin price sees bulls drop the ball and lose almost all their weekly gains.
- DOGE price sees price action remaining under bearish pressure.
- Expect a sharp leg lower next week if global market sentiment shifts more negatively.
Dogecoin (DOGE) price sees bulls playing with fire over the weekend as almost all gains are being returned. This puts bulls almost back to square one and in a not-so-convincing position to start a new week. Expect to see another leg lower in the coming weeks as the dollar strength has only taken a step back and is set to enter a new rally, pushing the DOGE price back to $0.05.
DOGE set to be kicked back to $0.05
Dogecoin price was on a solid track to close this week with multiple percentages of gains. Unfortunately, DOGE bulls let the rope slip and see their profits sink to the bottom. To make matters worse, this does not help the overall sentiment and conviction bulls look for before adding more cash into their positions.
DOGE price, for now, is still underpinned by $0.058, which made sense in August with the S1 support level at that level. As September starts, pivots have been replotted, and the S1 comes out slightly lower near $0.05. Expect another round of dollar strength in the coming weeks for it to almost be sure that the DOGE price will trade at $0.05.
DOGE/USD Weekly chart
Dogeprice could convince investors and traders back to its price action if it could push higher and break the 55-day Simple Moving Average (SMA) at $0.0674. Markets perceive that that is a game changer and see a massive cash inflow into the cryptocurrency. Elon Musk should find the time to speak a word of support for it and expect DOGE price to fly even towards $0.10.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
