- 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.
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.
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.
