• 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

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why LUNA traders do not have to be in the market all the time

Why LUNA traders do not have to be in the market all the time

Terra (LUNA) price action has slipped below a critical level outlined a few days ago. As price action moves start to get smaller, a big move is set to happen, but it is very cloudy to see where that move will be going.

More Terra News

SEC vs. Ripple case, two key decisions awaited by XRP holders

SEC vs. Ripple case, two key decisions awaited by XRP holders

XRP holders are awaiting key decisions in the SEC vs. Ripple case. Experts believe judge Sarah Netburn could rule on the two key decisions in the lawsuit against payment giant Ripple. 

More Ripple News

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC’s purchase of carbon credits through KlimaDAO partnership represented 104,794 tonnes of greenhouse gasses, equivalent to the Ethereum scaling solution’s debt since 2019. Carbon neutrality has fueled a bullish sentiment among traders and 

More Polygon News

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Shiba Inu price may have bottomed but this can only be confirmed if the current rally persists. Traders should be aware of several factors. Shiba Inu price has suddenly changed as the bulls have printed a significantly large bullish engulfing candle on the daily chart. 

More Shiba Inu news

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP