Dogecoin price will be $0.01 or $1.00 by the end 2022, here’s why


  • Dogecoin price pulls back to $0.06 after seeing rejection just below the $0.08 barrier on Monday.
  • DOGE price points to $0.055 as a bearish confluence zone on the Fibonacci Projection Indicator.
  • Invalidation of the bullish uptrend remains $0.048 with one caveat (read below).

Dogecoin price could be the best crypto to invest in 2022, still catching an early entry will be challenging.

Dogecoin price needs to do this

Dogecoin price is finally seeing the expected retracement after rallying an impressive 58% since the June 18 lows at $0.048 into the Monday, June 27 high at $0.078. The weekend outlook mentioned the potential for a pullback with targets in the $0.055 zone, as the notorious dog coin was beginning to show exhaustion-like symptoms amidst the Sunday afternoon consolidation. On Tuesday, June 28, the bulls have finally capitulated as profit-taking has gone a bit too far, triggering breakout traders to add fuel to the bearish momentum.

Dogecoin price currently trades at $0.067 as the $0.07 barrier was unable to maintain supportive ground. A Fibonacci Projection tool surrounding the initial drop from the Monday high at $0.078 into the steepest retracement point thus far at $0.073 forecasts a 261.8% Fib level within the same vicinity of the $0.055 region mentioned in the previous outlook as a probable pullback zone. If market conditions are genuinely bullish, traders can look for a bottom and continuation of the bullish trend to commence from the $0.055 region.

tm/doge/6.28.22

DOGE/USDT 15-Minute Chart

Thus, the invalidation for the uptrend scenario remains a breach below the June 18 low at $0.048 with one contingency. Early traders should not buy the low near $0.055. Let the price fall into the $0.055 barrier level and join a breakout realistically when you see the DOGE price hurdle back above $0.065, or the safest entry is a second break above the Monday high at $0.078. 

If the technicals produce this outcome, the bulls should confidently re-route towards $0.25, to validate macro targets at $1.00. In contrast, if a V-shaped recovery does not occur near $0.055, a breach below the June 18 low of $0.048 will be inevitable. The bears could decimate the DOGE price to as low as $0.01 resulting in a 70% decrease from the current Dogecoin price. 


 

 


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

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Bitcoin trades above $62,500 on Monday, sustains above key support as head of US SEC enforcement division says Howey test applies to cryptos. Ethereum and XRP trade above key support, extending gains by nearly 3% on the day. 

More Cryptocurrencies News

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple (XRP) noted the highest weekly gains in 2024 over the weekend as XRP holders celebrated the one-year anniversary of Judge Torres’ ruling in the SEC vs. Ripple lawsuit. XRP rallied to a peak of $0.5661 on Saturday, July 13. 

More Ripple News

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin breached above the descending trendline on Sunday and trades 3.5% up at $62,924 at the time of writing on Monday. On-chain data indicates a decrease in miners' selling activity, complemented by US spot Bitcoin ETFs recording $1.047 billion in inflows last week. 

More Bitcoin News

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price breaks above a descending channel, signaling a break in market structure from bearish to bullish. NOWPayments announces its partnership with JASMY in Japan. JASMY featured in a Forbes article for coins outperformed Bitcoin in the first half of 2024.

More Cryptocurrencies News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis

BTC

ETH

XRP