Dogecoin’s dilemma offers day traders opportunity to scalp DOGE

Source Fxstreet
  • Dogecoin price is finding its footing as it tags the $0.139 to $0.144 order block.
  • A bounce from the order block could push the dog-themed crypto to sweep the equal highs at $0.168. 
  • A breakdown of this order block could see DOGE sweep the equal lows at $0.122.

Dogecoin (DOGE) price is stuck trading between two key levels. Additionally, DOGE has no directional bias and will likely continue its rangebound movement for the next few days. 

Also read: Dogecoin appears headed for golden cross

Dogecoin price at crossroads 

Dogecoin price crashed 45% between March 28 and April 13 in conjunction with the correction noted across the broader crypto market. After April 13, however, DOGE slid into consolidation and is trying to find its footing to establish a directional bias. 

But for Dogecoin price to either move higher or lower, it needs the crypto market, and specifically, Bitcoin, to kickstart a move. Additionally, DOGE needs to sustain above the $0.139 to $0.144 order block, which could attract sidelined buyers and propel the dog-themed crypto to tag $0.168 and climb higher. In this case, the $0.139 to $0.144 order block is the up candlestick formed on April 29.

This move would constitute a 17% gain. But in some cases, DOGE could eye a retest of $0.181, pushing the total profit to 25%.

Until the Bitcoin outlook improves, DOGE's upside will most likely be capped at $0.181, the weekly resistance level.

DOGE/USDT 12-hour chart

DOGE/USDT 12-hour chart

While the bullish thesis for Dogecoin price makes sense, it is unlikely the market moves that way. In some cases, DOGE could breach the $0.139 to $0.144 order block, triggering a 12% to 15% crash for the altcoin, leading to the sweep of the equal lows formed at $0.122. This move would constitute a 12% crash, but it is likely the meme coin could stablize around the $0.128 daily support level. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Japanese Yen rallies to February 18 high as upbeat wage data and GDP lift BoJ hike betsThe USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.
Author  FXStreet
Sep 08, Tue
The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.
placeholder
Brent holds above $100 as tanker attacks tighten supply — but four forces are capping the rallyBrent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.
Author  Irene Q.
Sep 10, Thu
Brent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.
placeholder
US August CPI Preview: Will Inflation Reaccelerate? US Stocks, Dollar and Gold Face Key Test On Friday, September 11 (ET), the U.S. Bureau of Labor Statistics will release the Consumer Price Index (CPI) for August, the final major inflation report before the Federal Reserve's Sep
Author  TradingKey
Sep 10, Thu
On Friday, September 11 (ET), the U.S. Bureau of Labor Statistics will release the Consumer Price Index (CPI) for August, the final major inflation report before the Federal Reserve's Sep
placeholder
US August CPI lands tonight: after a 5.4% PPI shock, will the Fed hike on September 16?US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.
Author  Irene Q.
Sep 11, Fri
US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.
placeholder
Gold Price Forecast: PPI and Oil Prices Fuel Inflation Concerns, Can CPI Change Gold's Direction?As of the Asian session on September 11, gold prices (XAUUSD) remained in weak consolidation today after dropping sharply to near $4,300 on Thursday, with the latest price trading around
Author  TradingKey
Sep 11, Fri
As of the Asian session on September 11, gold prices (XAUUSD) remained in weak consolidation today after dropping sharply to near $4,300 on Thursday, with the latest price trading around
Related Instrument
goTop
quote