- Dogecoin price bounces off monthly pivot after price undergoes profit-taking.
- DOGE price, with the rebound, is back on a trajectory for an uptrend.
- Expect bulls to hit $0.1594 and $0.1900, triggering 15% and 37% gains.
Dogecoin (DOGE) price has taken a bit of a step back despite markets rejoicing on what seemed a breakthrough in diplomatic talks between Russia and Ukraine. With investors already frontrunning any positive news since mid-March, some profit-taking got underway over the past 24 hours. With solid respect and support from the monthly pivot at $0.1379, the DOGE price is swinging back to $0.1594 in the first phase, where $0.1900 is the ultimate target for the uptrend.
Dogecoin price first performs a rally to $0.1594 before talking about an uptrend towards $0.1900
Dogecoin price faced some minor headwinds as investors got ahead of the markets and already took profit in their rally since mid-March before positive news hit the wires. With that, DOGE took a small step back and was looking for the support provided by the monthly pivot. Several bulls and investors will have used that level to get back in after taking a profit above $0.1500.
DOGE price will now swing back up towards $0.1594 with at least a daily close above $0.1500, so that bulls can still choose for either the squeeze to the upside or go for the full-frontal rally to pierce through $0.1594. Once above, expect DOGE price to drop back a bit and check support at $0.1594. If that support is confirmed, expect a fully-stretched uptrend towards $0.19, as there is not much in the way anymore for bulls with little handles for bears to try and slow down the uptrend to go short.
DOGE/USD daily chart
As price has faded, a squeeze to the downside could materialise as markets will now look forward to the subsequent tail risks from the nonfarm payrolls report on Friday and the FED rate path still questionable going forward. With risk sentiment facing headwinds, expect to see a drop back towards $0.13, where the monthly pivot and the 55-day SMA will be too light to catch any downward pressure. Expect the green ascending trend line to provide support at around $0.1250.
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.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.