Dogecoin price could outperform Dogecoin-killer Shiba Inu as DOGE targets $0.25



Jonathan Morgan Jonathan Morgan
Independent Analyst

Dogecoin price is nearing an important bullish breakout level that could trigger a massive upswing this weekend. It would be the strongest bullish signal in almost a year if confirmed.
From an Ichimoku perspective, Dogecoin price action is very close to confirming an Ideal Bullish Ichimoku Breakout. The only condition missing is a daily candlestick close above the Ichimoku Cloud.
On May 31, 2022, the price level that DOGE needed to close at to confirm an Ideal Bullish Ichimoku Breakout was $0.16 – but that threshold has now dropped. The threshold for Saturday is daily close at or above $0.146, and by Sunday, it drops even further to $0.14.
image 637844792969204513
DOGE/USD Daily Ichimoku Kinko Hyo Chart
The daily Ichimoku chart compliments a hypothetical long opportunity on the $0.01/3-box reversal Point and Figure chart for Dogecoin price. The long idea is a buy stop order at $0.17, a stop loss at $0.13, and a profit target at $0.29.
The entry at $0.17, if triggered, would confirm the breakout above a double-top and simultaneously establish a Bear Trap pattern in Point and Figure analysis. That the Bear Trap forms at the ultimate swing low of the current downtrend gives the bullish breakout a high probability of succeeding and sustaining for a long time.
image 637844793478416208DOGE/USD $0.01/3-box Reversal Point and Figure Chart
The hypothetical long opportunity for Dogecoin price represents a 3:1 reward for the risk. A three-box trailing stop would help protect any profit made post entry. Buyers should anticipate significant selling pressure against the critical psychological price level of $0.25 before moving towards the projected profit target of $0.29.
 
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Binance CEO Changpeng Zhao aka CZ, addressed the rumors of the exchange’s insolvency amidst rising withdrawals on the platform. CZ informed his 7.9 million followers on Twitter that despite processing nearly $1.4 billion in crypto withdrawals.
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Bitcoin price recent uptrend move is stirring many conversations about cryptocurrencies, risk-on assets, and inflation. Bitcoin price rose by 7% amidst the United States Consumer Price Index data release.
Ethereum’s price has moved in unison with its Bitcoin counterpart, returning 7% of lost market value to investors. On Dec 13, the bulls pierced a descending trend line which acted as resistance on three separate occasions since Dec 2.   
Bitcoin price shows a healthy start of an uptrend, albeit a slow one after weeks of tight consolidation. This bullish outlook has strong reasons to continue, but investors need to consider all possible scenarios. 
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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