Dogecoin price is currently in a no-trading zone per second and shows no apparent bias. The 71% drawdown has reduced to 50% after the recent price recovery. However, a confirmed bullish prejudice has not developed yet.
Dogecoin's price has retraced 50% from the price of $0.739 on May 8 to where it currently stands, $0.374. Despite such a massive price correction, Dogecoin vies higher highs. A 20% upswing to retest 50% Fibonacci retracement support level at $0.739 seems like a no-brainer for the meme coin.
Depending on how the events will unfold here, Dogecoin's price could either rally higher to retest old highs or continue to head lower.
A break above the price of $0.739 will signal a massive shift in trend favoring the bulls. If this were to happen, Dogecoin's price needs could be looking at a 25% advance to a price of $0.560 or a 32% ascent to $0.597.
Although unlikely, if the bullish momentum persists, the meme-themed cryptocurrency might even rally to retest the all-time high at a price of $0.740.
The bullish thesis is based on a pivotal assumption that the Dogecoin price creates a swing high above $0.739. However, investors should be ready for a downswing that retests key support levels if the DOGE price faces rejection at the said level.
In such a case, a 15% downswing to a price of $0.380 seems likely.
A breakdown of this level barrier could result in a 13% sell-off to $0.331, coinciding with the 70.5% Fibonacci retracement level.
Under bearish conditions, the downswing could extend up to the price of $0.282, which is roughly 37% from the 50% Fibonacci retracement level.
0 Comments