|

Smart Money vs Dumb Money: Who controls the Dogecoin price?

  • DOGE price is detrending from the bullish countertrend rally.
  • Dogecoin price volume pattern is anomalous.
  • Invalidation of the bullish thesis is still a close below $0.069.

Dogecoin price has begun to detrend from the bias developed in last week’s thesis. The target of $0.11 may not be achieved. 

Dogecoin price has a big question mark

Dogecoin price has recently shown bearish re-entrance in the market. The bulls lost about 10% of gains made since the uptrend on May 27. The new decline throws off the trajectory for the DOGE price and now places a large question mark surrounding the notorious meme coin’s future. 

Dogecoin price could continue to confuse investors in the coming days. The Volume indicator looks very questionable. Traders should wait for the week to finish before establishing a new position. Despite the erratic price behavior, there is one certainty traders can believe in. Smart money is involved with the DOGE price, but the direction they choose to send the popular dog coin is still unclear.

tm/doge/6/2/22

DOGE/USDT 4-hour chart

Invalidation of the bullish scenario is still a breach and close below $0.069. If the bears can conquer this level, a devastating decline to $0.05 could occur, resulting in a 40% decrease from the current DOGE price.

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

Hyperliquid Price Forecast: Downside risk looms as momentum stretches thin

Hyperliquid price is trading in the red on Monday, stalling after 10% gains last week. HYPE-focused Exchange Traded Funds recorded their fifth consecutive weekly inflows, projecting steady institutional demand. The technical outlook for HYPE warns of potential downside risk as bullish momentum stretches thin.

Cardano Price Forecast: Strengthening momentum points to cautious upside extension

Cardano trades around $0.222 on Monday after rallying over 15% last week. Mixed derivatives data and mildly bullish on-chain metrics point to cautious market sentiment. Meanwhile, strengthening momentum indicators suggest ADA could see further gains if the recovery continues.

Crypto Overview: Bitcoin faces sell wall at $82,850 – Jupiter, Zcash rally

Bitcoin price tumbles below $80,000 on Monday amid improved odds of a rate hike with the robust US employment data. Institutional demand holds firm with crypto-focused Exchange Traded Funds recording nearly $1.25 billion in inflows last week. Jupiter and Zcash extend gains over the last 24 hours, leading the broader crypto market rally.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC consolidates near recent highs, ETH and XRP defend key bullish supports
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) maintain a constructive outlook on Monday after gaining more than 3.4%, 4% and 4.8%, respectively, last week. BTC holds steady near $80,000 while ETH and XRP show resilience and defend key support zones. The price action of these top three cryptocurrencies suggests consolidation or a mild pullback before an upside move.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.