Trade Setup to Potentially Profit From Next Doge Price Move
- 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%.
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