- Dogecoin price is breaking away from a breached trend channel.
- DOGE price initial rally took 116 days to occur.
- Invalidation of the macro thesis is a break at $0.00560.
Dogecoin price could be the outperformer in the next few months. Here are factors to keep in mind.
Dogecoin price looks promising
Dogecoin price looks very optimistic to start the third week of June’s trading session. The notorious meme coin saw a retest of the breached Elliot wave trend channel on June 10 into a $0.05 level. The acquaintance was followed by considerable sideways price action within the region. On Tuesday, June 21, the bulls produced a spike above the consolidative zone, which may be an entry for savvy traders willing to take a risk.
From a macro perspective, the Dogecoin price looks on pace to reach $1.00. The volume pattern has tapered out, there is visible Relative Strength Index divergence, and the trend channel has been breached. Some Elliot Wave practitioners would say that wave 5 price action usually replicates wave 1 price action in either time, momentum, or both. If this idea is applied to DOGE price, then the notorious dog coin could see a peek into $1.00 by October of this year.
DOGE/USDT 4-Day Chart
Still, anyone reading this thesis should be dually aware that the DOGE coin can still fall into lower targets, specifically a $0.02 price level, without invalidating the macro count. This double scenario must be kept in mind and should warrant investors to dollar cost average approach DOGE to reduce their cost basis if any more dips occur.
Invalidation of the entire macro count is dependent on $0.00560 not getting breached. If this wave 1 price level were to get tapped, the entire move would be void. Dogecoin would see a catastrophic demise into $0.001 and lower, resulting in over a 100% decrease from the current DOGE price.