Dogecoin has begun a price uptrend move mentioned in last week’s thesis. The next target of $0.11 level has newer investors allocating some of their portfolios to the notorious dogecoin.
Dogecoin shows price bulls are re-entering the market. The bulls have finally shown substantial retaliative effort since the massive price decline that has taken place since May 12th. The DOGE price saw an erratic bullish spike into a high at price of $0.089 over the weekend. One more wave up is likely to occur if the technicals are correct. Investor and Traders should keep DOGE on their radars to participate in the next bull run.
Dogecoin could continue with bullish price momentum in the coming days and the Relative Strength Index provides confluence for this idea. The Relative Strength Index RSI continues to climb higher while also maintaining support on the investors’ 40 level after each profit-taking decline. The trade volume indicator also looks questionable in its own right and warrants the idea that there may have been a changing of hands from retail to the institutional investors.
Invalidation of the Dogecoin bullish scenario is still a breach and close below $0.069.
If the bears can conquer this resistance level, they could continue the decline to $0.05 level, resulting in a 40% decrease from the current Dogecoin price.
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