Why Dogecoin price is sparking serious interest amongst investors

  • Dogecoin price provides a strong Fibonacci cluster at the current $0.05 level. 
  • Dogecoin price revisits historical trend line from the 2021 bull run.
  • Invalidation of the entire bearish downtrend can be a breach above $0.085.

Dogecoin price should be on everyone’s watchlist as the technicals indicate a significant level in play, which warrants the idea for a highly volatile market in the coming weeks.

Dogecoin price is one to watch

Dogecoin price first anomalous signal is the recent breach of a historical trend line, which has been highly anticipated for months here at FXStreet. It seems the stars are aligning in favor of a bullish rally, but it is better to play the market safe than jump in too early. A devastating collapse to $0.02 could occur if the bulls fail to provide support.

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DOGE/USDT 1-Week Chart 

Dogecoin price shows interesting technicals as the crypto market bleeds into oblivion. A Fibonacci projection tool from the first impulse down into the X wave rally that ended in April at $0.18 has a 61.8% Fib level at $0.05. A Fibonacci retracement tool surrounding the all-time lows and all-time highs has a 38.2 level% at $0.05 as well. A Fibonacci cluster is when two Fibonacci methods line up in the same vicinity, signaling a strong level of interest.

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DOGE/USDT 2-Week Chart

Invalidation of the bearish downtrend is a breach above $0.085. The entire bearish downtrend could be deemed over if the bulls can accomplish said price action. A rally towards the all-time highs at $0.70 would result in an 1125% increase from the current Dogecoin price.

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