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
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
Brent tests $108 as a key export pipeline stays shut — can the rally clear $110?Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.
Author  Irene Q.
Sep 14, Mon
Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.
placeholder
Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.
Author  Suzie
Sep 14, Mon
A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.
placeholder
Gold falls below $4,300 as higher US yields bolster Fed rate hike betsGold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week. 
Author  FXStreet
22 hours ago
Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week. 
placeholder
【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve beginsThe 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.
Author  Irene Q.
16 hours ago
The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.
Related Instrument
goTop
quote