Dogecoin price could rally to $0.20, here’s why – FXStreet
Dogecoin price is never a digital asset to fully count-out. Infamously known for its erratic countertrend spikes, DOGE price has potential for one more rally if the technicals are correct.
Dogecoin price could see a rotational shift to the upside, likely to throw many traders off guard. The overall macro thesis remains as Dogecoin price coiling within a triangle formation. The invalidation for the triangle resides at $0.2109. The current Dogecoin price trades at $0.1360, which leaves 50% of uncharted territory for the bulls.
Analyzing the recent sell-off, the DOGE price appears to be consolidating under a shallow volume, which is a good sign for Doge investors. Traders reading this thesis are asked to understand this is a high trade setup as trading within triangles is exceptionally challenging. Still, the ideal situation is an additional upswing to $0.1792 to justify the recent upswing on April 09th.
DOGE/USDT 8-Hour Chart
Invalidation of the bullish countertrend move is a break below $0.1064. If the bears breach this level, the Doge triangle idea would be void. The bears could push the price back into the historical trend line at $0.09, resulting in a 30% dip from the current Dogecoin price.
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August 1, 2022 at 04:09AM