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
SpaceX Listing Imminent. Funds Flood Into SpaceX On-Chain Tokens, Bitcoin Rebound Momentum May Be WeakenedPerpetual contracts and pre-market tokens for SpaceX are attracting liquidity from the cryptocurrency market, hindering a further rally in Bitcoin.On June 11, Bitcoin ( BTC) continued to
Author  TradingKey
13 hours ago
Perpetual contracts and pre-market tokens for SpaceX are attracting liquidity from the cryptocurrency market, hindering a further rally in Bitcoin.On June 11, Bitcoin ( BTC) continued to
placeholder
Gold Prices Narrowly Hold $4,000 Level, When Will Precious Metals Selloff Stop? On June 10, Eastern Time, spot gold ( XAUUSD) fell through the $4,100 level during intraday trading after four consecutive sessions of selling, nearing the $4,000 psychological threshold;
Author  TradingKey
20 hours ago
On June 10, Eastern Time, spot gold ( XAUUSD) fell through the $4,100 level during intraday trading after four consecutive sessions of selling, nearing the $4,000 psychological threshold;
placeholder
US-Iran Tensions Escalate. Iran Announces Closure of Strait to All Vessels; Brent Crude Hits $95 The U.S.-Iran conflict continues to escalate, driving oil prices sharply higher. On Wednesday, Brent and WTI crude futures both closed higher, breaching $90 per barrel. During Thursday's
Author  TradingKey
20 hours ago
The U.S.-Iran conflict continues to escalate, driving oil prices sharply higher. On Wednesday, Brent and WTI crude futures both closed higher, breaching $90 per barrel. During Thursday's
placeholder
Iranian military drones targeted US Fifth Fleet in Bahrain in response to southern US strikesThe Iranian military announced in a statement that it had launched a drone operation against the US Navy’s Fifth Fleet based in Bahrain, in response to the violation of the ceasefire and US military attacks on areas in southern Iran, Reuters reported on Thursday. 
Author  FXStreet
20 hours ago
The Iranian military announced in a statement that it had launched a drone operation against the US Navy’s Fifth Fleet based in Bahrain, in response to the violation of the ceasefire and US military attacks on areas in southern Iran, Reuters reported on Thursday. 
placeholder
BTC Hovers Near 60,000 Mark After Plunge. US May CPI Set to Be Revealed, How Is Wall Street Betting?Bitcoin's rebound falters as the U.S.-Iran conflict and CPI data likely sustain downward pressure.On June 10, escalating U.S.-Iran tensions put the already fragile crypto market to the te
Author  TradingKey
Yesterday 09: 57
Bitcoin's rebound falters as the U.S.-Iran conflict and CPI data likely sustain downward pressure.On June 10, escalating U.S.-Iran tensions put the already fragile crypto market to the te
Related Instrument
goTop
quote