• Dogecoin price consolidates inside the Cloud.
  • Buyers must retest key resistance zones ahead.
  • Dogecoin needs to close at or above $0.27 to begin a new bull run.

Dogecoin price continues to lag its peers, chiefly Dogecoin-killer Shiba Inu. The Monday trade session gave false hope to bulls that Dogecoin could rally like Shiba Inu, but sellers firmly rejected that idea. Ever since Monday, Dogecoin has consolidated.

Dogecoin price faces downside pressure, but not as much as Shiba Inu

Dogecoin price may find itself under threat from a breakdown below the Cloud. A test of the $0.23 value area as support is likely. $0.23 hosts the 38.2% Fibonacci retracement and the Kijun-Sen. Below those two levels is a vacant range of support until the 61.8% Fibonacci expansion at $0.19.

Shiba Inu has undoubtedly had more upside movement than Dogecoin. Because both meme coins have such a shared volume of market participants, any massive weakness in one will likely result in speculative capital inflows to the other. In the case of Dogecoin, if Shiba Inu traders leave en masse, a good chunk of that capital will likely transfer to Dogecoin on any hint of an impending breakout move higher.

DOGE/USDT Daily Ichimoku Chart

The critical level that Dogecoin must close at is above the Cloud near the $0.27 value area. From there, the breakout is likely to sustain a projected move towards the $0.35 to $0.37 price zone.

Bulls will want to be mindful of the massive volume trough in the 2021 Volume Profile between $0.18 and $0.09. A decisive daily close below $0.18 could trigger a flash crash with Dogecoin price visiting the single-cent price ranges.

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

LUNA price approaches a launchpad, but will buyers come together?

LUNA price approaches a launchpad, but will buyers come together?

LUNA price shows a sign of healthy retracement after an egregious spike in buying pressure that triggered a quick and swift run-up. The ongoing pullback will provide investors with another chance to rally.

More Terra news

Why buying Solana price at these levels will provide the best ROI?

Why buying Solana price at these levels will provide the best ROI?

Solana price seems to be hovering inside a consolidation with no signs of a breakout. Investors can expect a dip to $31.66 or $24.52 levels in the near future as liquidity below these levels remains untapped.

More Solana news

Shiba Inu price hints at a 150% upswing, an opportunity too good to pass up

Shiba Inu price hints at a 150% upswing, an opportunity too good to pass up

Shiba Inu price has been hovering around a significant barrier for roughly three months with virtually no momentum to move above it. This development might be primed for a strong move but the directional bias remains unknown. 

More Shiba Inu news

Bitcoin Price Prediction: An update on the fractal forecast to $21,000

Bitcoin Price Prediction: An update on the fractal forecast to $21,000

Bitcoin price shows lackluster performance despite the announcement of BlackRock’s entry into crypto. Due to the spotlight on Ethereum and its upcoming Merge update, investors seem to be neglecting BTC.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP