- Dogecoin price rests within a parallel channel.
- Dogecoin price sell-off is accompanied by relatively low volume
- Invalidation of the uptrend scenario is a breach at $0.1224
Dogecoin price could be putting on the final low before a shocking countertrend rally.
Dogecoin price is worth the risk
Dogecoin price is failing to breach the $0.12224 level but wiping out all trading liquidity within reach of the level. Market makers could be hinting at a price spike underway as the sell-offs are ritually happening under low volume. The macro Dogecoin thesis has maintained that the popular meme coin is coiling into a triangle formation. The prospective DOGE Triangle may need one more high to finish a complex C wave.
Dogecoin price also finds support at an ideal level on the relative strength index. The bears are repetitively forcing the price down, but the overall structure of the decline resides within the slanted parallel channel. If the technicals are correct, a breach above $0.13 could send the Dogecoin price flying.
DOGE/USDT 4-Hour Chart
Invalidation of the bullish thesis is a break below $0.1224. A $0.11 Dogecoin price will be back on the table if this breach occurs, resulting in a 10% decrease from the current DOGE 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.