• Dogecoin price is at an inflection point, which could result in a 15% move in either direction.
  • A swing high above $0.071 and a flip of this level into a support floor is likely to trigger a bullish move.
  • Rejection at $0.071, followed by a breakdown of the low-time-frame support level at $0.062, could push DOGE lower.

Dogecoin price is consolidating within a range, which seems to have formed a smaller range of its own. Regardless of the coil up, DOGE is at an inflection point, suggesting its next move could be volatile.

Dogecoin price gets ready 

Dogecoin price rallied 60% between June 18 and June 27, setting up a range extending from $0.049 to $0.078. This impressive recovery bounce topped as the momentum was exhausted and investors started to book profits. 

As a result, DOGE retraced 20% and tagged the midpoint of the range at $0.063, forming a smaller range, extending from $0.062 to $0.071. If Dogecoin price flips the $0.071 hurdle into a support level, there is a good chance for this initial move to continue.

In this case, DOGE could tag the range high at $0.078 after a 15% rally or the high-time-frame resistance barrier at $0.082 for a 20% ascent.

DOGE/USDT 1-day chart

DOGE/USDT 1-day chart

Regardless, investors need to note that the directional bias depends on how Dogecoin price reacts to the $0.071 level. A rejection at this level will indicate that the buyers are not in control and could likely result in a 15% retracement to the $0.049 to $0.057 daily demand zone.

This move does not necessarily snub the bullish case, but it will provide Dogecoin price and its buyers another chance to attempt a run-up. 

However, a four-hour candlestick close below $0.049 will invalidate the bullish thesis for DOGE and trigger a further correction to $0.048.

 

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

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price is trading marginally above $1,300 after its bullish shoots were slashed at $1,400 on Tuesday. The presence of immense buyer congestion at $1,255 cut short the pullback that may very well have tagged $1,200. 

More Ethereum News

This best-case scenario for Litecoin price forecasts a 20% drop

This best-case scenario for Litecoin price forecasts a 20% drop

Litecoin price action over the last few weeks paints a bearish picture, as discussed in our previous article. Since then, LTC has triggered a breakout and is likely to continue heading lower.

More Litecoin News

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Large wallet investors on the Ethereum network are keen on accumulating Shiba Inu. The 130th largest Ethereum whale scooped up 272 billion Shiba Inu coins overnight. Analysts retain a bullish outlook on the altcoin. 

More Shiba Inu News

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price undid its gains seen between September 21 and 24 as it came tumbling down, following the footsteps of Bitcoin price. This downtrend has provided sidelined buyers a chance to accumulate before the inevitable explosion of bullish momentum.

More Dogecoin News

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP