Dogecoin price to retrace to $0.12 again


FXStreet Team FXStreet Team

Dogecoin price has produced the largest candle this year in favor of the bears. DOGE enthusiasts should consider a bearish macro scenario.
Dogecoin price has displayed serious bearish signals as the token failed Tuesday’s $0.17 breakout. The large bearish engulfing candle produced a 20% decline on the daily chart, which signals supreme control of the trend. The bears have likely trapped breakout traders at the $0.17 zone and anyone who did not quickly take profit from last week’s successful trade setup.
Dogecoin price currently trades at $0.146. The volume indicator from yesterday’s sell-off shows profound bearish control, and the bulls have yet to display any comparable retaliation. When observing the structure of what led up to the massive sell-off, it appears that the bears have always been present. The popular meme coin is coiling in a descending triangle-like manner.
Doge 4/7/22
DOGE/USDT 1-Day Chart
Analysts at FXStreet have maintained that Dogecoin price will eventually retest a historical trendline at $0.09 and possibly $0.08. The coiling wedge now sheds light on how the bears will manage to pull off such a cataclysmic move. In the short term, analysts will be looking for a wave D of the triangle to land in the $0.12 zone. 
Invalidation for short-term traders will be a closing candle above wave C at $0.18. It is worth noting that C waves are commonly known to be complex structures. Thus a break above $0.18 will not void the overall triangle formation. Investors should be aware that Dogecoin price has been deemed high risk and unfavorable until wave A at $0.2150 is breached. If this scenario occurs, analysts will develop a trade setup to partake in the next meme token rally, which could land the Dogecoin price back to $0.25.

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Ethereum developers have signaled consistent growth and on-track development ahead of the Merge. The altcoin’s layer-2 scaling solution exploded overnight, offering investors 55% gains on their investment. 
XRP price showed strength as it bounced off a stable support level and triggered a run-up over the last two days. As bullish as this may seem, investors need to stay cautious as the rally could either exhaust and retrace or breakout and extend.
ApeCoin price shows that its strong rally is coming to an end. This development will be confirmed once APE produces a four-hour candlestick close below an immediate support level. 
Bitcoin price has noticed a large shift in sentiment from being overly bearish to optimistic. Although greed is still out of the equation, things could soon reach these levels, especially if the trend continues as it has over the last ten days.
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