- Dogecoin price is yet again under siege by the stronger US dollar.
- DOGE price is set to tank another 10% before a 50% rally will kick in.
- Expect to see DOGE price soaring near $0.15 by Friday.
Dogecoin (DOGE) price is yet again under pressure from the stronger US dollar, but all-in-all losses are relatively contained. It looks like it is a matter of finding a floor in DOGE price that could spark a rally with Dogecoin price soaring back to $0.15. That would mean bulls are piercing through the 55-day Simple Moving Average (SMA) and possibly shedding this downturn for 2022, making 50% gains in just one week.
DOGE price set to soar 50% within the week
Dogecoin price is set to tank by roughly 10%, with investors on edge that the Federal Reserve might be too late and too slow to contain the rising inflation in the US. That risk threatens the stock market and, in its turn, creates headwinds for cryptocurrencies as investors refrain from investing in high-risk, high-growth assets. With that muted investment mood, cryptocurrencies are taking a step back as buy-side demand in DOGE price fades further.
Nevertheless, DOGE price might see a turnaround around $0.1100 or $0.1067 which will, once tested, have dragged the Relative Strength Index (RSI) towards the oversold area. By seeing this, bears will start to cash in on their gains and see an automatic increase in buy-side demand as bears need to buy Dogecoin to materialize the gains. Once this move happens, bulls will use the momentum to ramp up prices and trigger panic amongst bears that will see their gains melting as snow before the sun, triggering an even more significant demand for Dogecoin, translating into an exponential rally up to $0.1594 for a test of this key resistance.
DOGE/USD daily chart
The risk at hand is that the US dollar strength is persistent, and with more and more banks calling for parity in EUR/USD, the pressure from the greenback could further weigh on DOGE price. A break below $0.1067 could see a test at $0.1000 and even breakthrough it towards $0.0944. That would mean a 22% devaluation against where DOGE price is currently trading.
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
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.