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Price Analysis

Dogecoin Adds 34%, DOGE/USD Bulls Angling for More Gains Towards $1

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The twist and turn of Dogecoin price is representative of the general state of the crypto scene.

It has been nothing short of an ordeal for traders who choose to buy the peaks or exited too early, missing the up-swells.

Dogecoin Market Performance

Even so, DOGE’s performance is decent by all standards.

Buyers are still in control save losses of the past few weeks.

If anything, DOGE losses weren’t an isolated case. The entire crypto market fell in May, and the situation was further compounded in June.

Thus far, there are bright lights, but unless otherwise there are gains above the middle BB, for instance, DOGE will be under the weight of sellers, shaving profits.

Technical candlestick arrangement, nonetheless, signals a possible recovery in the days ahead.

Dogecoin Price Daily Chart for June 29

For example, the correction of undervaluation of June 22 and the bull confirmation in the follow-through bar fortified buyers.

However, if DOGE bulls are to rewind losses, there must be sharp gains above $0.30 and the 20-day moving average.

This will satisfactorily reverse the deep losses of June 21 as DOGE/USDT prices bounce from around May 2021 lows.

The rapidity of the uptrend, signaled by the spike in participation, could catalyze even more demand, pushing DOGE towards $0.40—or better in the days ahead.

DOGE Trading Volumes Rising, Rally Incoming?

Reflecting demand and support of DOGE/USDT prices in the past three days, trackers observed a sharp spike in trading volumes.

The tracker showed that 28X the average trading volumes of DOGE changed hands on June 28.

A few hours on the same day, there was another uptick in trading volumes. Then, 30X the usual amount of DOGE were traded:

DOGE/USDT Head-and-Shoulder Pattern

At the same time, Peter Brandt, a veteran technical analyst, notes the formation of a Head and Shoulder pattern in the daily chart.

The pattern prints out when DOGE/USDT prices are finding support, rebounding from around $0.20.

Still, even with Peter’s optimism, it should be noted that DOGE prices are edging higher with comparatively low trading volumes.

The upsurge of DOGE from April through to the first half of May was with high participation, forcing DOGE to rally to as high as $0.72.

Subsequent price action glaringly misses trading volumes—and even whenever there are notable price changes, participation is underwhelming viz-a-viz May 2021 levels.

DOGE/USDT Breakout to $1 Likely

On Trading View, MJI786, a technical analyst, expects DOGE to make big moves.

MJI786--Dogecoin

Analyzing the coin from the 4HR chart, the trader observes DOGE’s movement inside a falling wedge. There have been retests of the upper resistance trend line in the past few days.

Still, DOGE/USDT prices remain in a plateau—trade-range-wise.

However, a breakout above the main trend line opens up the coin to a move higher, perhaps towards $1.

In the meantime, his conservative buy targets are at $0.51, but if Elon Musk “pumps” DOGE, the coin could tear to $1.

DOGE and Bitcoin are coupled—More Gains?

According to another trader on YouTube, DOGE/USDT prices are at a critical technical position.

Moving inside a wedge as aforementioned, a close in either direction could define the short-term trend.

A big part of this move will also depend on Bitcoin’s performance. Therefore, if BTC continues to print higher highs, DOGE may break above key resistance levels as demand builds up.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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