BTC $20702.22 (-0.2%)
ETH $1189.02 (0.01%)
USDT $0.99 (-0.0%)
BCH $109.46 (-2.3%)
BSV $58.80 (-2.2%)
LTC $54.58 (-2.0%)
BNB $235.89 (0.82%)
ADA $0.47 (-1.7%)
DOGE $0.06 (-3.8%)
BTC $20702.22 (-0.2%)
ETH $1189.02 (0.01%)
USDT $0.99 (-0.0%)
BCH $109.46 (-2.3%)
BSV $58.80 (-2.2%)
LTC $54.58 (-2.0%)
BNB $235.89 (0.82%)
ADA $0.47 (-1.7%)
DOGE $0.06 (-3.8%)

Trade Setup to Potentially Profit From Next Doge Price Move

Trade Setup to Potentially Profit From Next Doge Price Move Dogecoin News
  • DOGE is currently in a make-or-break position as it is hovering above a very significant support floor.
  • This area has been important for DOGE in the past.
  • The famed dog-inspired token is currently worth $0.05808 after a 5.31% increase in price over the last 24 hours.

DOGE is currently in a make-or-break position as it is hovering above a very significant support floor which could suggest a possible recovery for the meme coin. Ever since DOGE set a new all-time high in early May, it has continuously been setting lower lows and lower highs, leading DOGE to now retest the $0.048 support level.

This area has been important for DOGE in the past as it provided bulls with a platform to consolidate and gain more strength in 2021. This, in turn, led to a 1,400% price surge. In other words, the fact that DOGE is retesting this level cloud leads to a minor bounce.

Investors can expect DOGE to rally about 41% to retest the $0.082 resistance barrier. If this hurdle is flipped into a support level, the price could shoot up to $0.109, which would indicate an 85% bounce. This will likely be where the rally for DOGE meets its end.

DOGE/USDT 3-day chart (Source: FXStreet)

On the other hand, the bullish thesis for DOGE will be invalidated if there is a three-day candlestick that closes below the $0.048 level. If this were to happen, bulls will have the opportunity to crash DOGE even lower and fill the Fair Value Gap (FVG) between $0.041 and $0.014.

This will prepare DOGE for a nice recovery as it alleviates the downside pressure.

According to CoinMarketCap, DOGE is currently worth $0.05808 after a 5.31% increase in price over the last 24 hours. When looking at the weekly numbers, DOGE is currently down 1.47%.

Steven is passionate about all things cryptocurrency and blockchain ever since he first mined Bitcoin in 2014. He covers all updates, movements, and events relating to the top cryptocurrencies.