Dogecoin price to dip lower as DOGE attempts to find support



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Jonathan Morgan Jonathan Morgan
Independent Analyst

Dogecoin price rallied more than 50% from last Tuesday to last Friday, moving from the Tuesday open of $0.143 to the Friday high at $0.215. However, bulls could not maintain the gains on Friday as Dogecoin lost the majority of its Friday gains, closing up 7% instead of the 25% increase it had.
Dogecoin price action continues to be a source of frustration and disappointment for long-term DOGE hodlers. The 50% rally that Dogecoin experienced from the Tuesday open to the Friday high has been cut by more than half. Dogecoin price is currently up 19% from last Tuesday’s open.
Adding to the frustration is the inability of Dogecoin price to hold and support within the Ichimoku Kinko Hyo system. As a result, Dogecoin failed to stay above the bottom of the Cloud (Senkou Span A), failed to hold above the Kijun-Sen, and may not hold above the Tenkan-Sen.
Failure to hold the Tenkan-Sen as support would likely generate a return to test the breakout above the upper falling wedge trendline at $0.16. However, if Dogecoin price can hold the Tenkan-Sen as support, solid initial support could push higher and return to the $0.20 value area.
image 637780279376351833
DOGE/USDT Daily Ichimoku Kinko Hyo Chart
Despite the breakout above the rising wedge, Dogecoin remains extremely bearish within the Ichimoku Kinko Hyo system as long as the Chikou Span remains below the candlesticks and in open space. The threat of an imminent collapse to the $0.09 price level remains very high if Dogecoin price can’t stay above the $0.16 zone.
 
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XRP performs a U-turn after sweeping crucial levels and collecting liquidity. This retracement seems apparent, especially considering the bearish outlook for BTC from a lower time frame perspective and altcoins’ high correlation with it. 
Dogecoin price is at crossroads and shows signs of a steady consolidation above a stable support level. However, there needs to be momentary pain before a long-term and explosive rally originates. 
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Bitcoin has overcome the 200-week SMA and 30-day EMA, denoting a major surge in bullish momentum. As a result, BTC could revisit anywhere from $25,000 to $30,000 soon. A daily candlestick close below 200 four-hour SMA at $21,117 will invalidate this bullish thesis. 
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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