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
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
Sep 23, Wed
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
placeholder
Gold holds steady below $4,150 amid elevated US yields Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.
Author  FXStreet
Yesterday 01: 14
Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.
placeholder
Japanese Yen drifts lower as sustained USD buying offsets intervention fearsThe USD/JPY pair attracts some buyers following the previous day's two-day price moves, trading above the 158.00 mark during the early part of the European session on Tuesday.
Author  FXStreet
Yesterday 07: 53
The USD/JPY pair attracts some buyers following the previous day's two-day price moves, trading above the 158.00 mark during the early part of the European session on Tuesday.
placeholder
AUD/USD Price Forecast: Struggles to return to 0.7000 amid firm US DollarThe Australian Dollar (AUD) gives back its early gains after rising to near 0.6975 and turns marginally lower at around 0.6964 against the US Dollar (USD) during the European trading session on Tuesday.
Author  FXStreet
Yesterday 08: 58
The Australian Dollar (AUD) gives back its early gains after rising to near 0.6975 and turns marginally lower at around 0.6964 against the US Dollar (USD) during the European trading session on Tuesday.
placeholder
WTI rises to near $89.50 as Middle East supply threats offset Persian Gulf recoveryWest Texas Intermediate (WTI) oil price extends its gains for the second successive day, trading around $89.50 per barrel during the Asian hours on Wednesday. Crude oil climbed as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region.
Author  FXStreet
10 hours ago
West Texas Intermediate (WTI) oil price extends its gains for the second successive day, trading around $89.50 per barrel during the Asian hours on Wednesday. Crude oil climbed as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region.
Related Instrument
goTop
quote