DOGE - 12h. Target $0.3, but need to hold $0.16

21 juil. 2021

The correction has been going on in the DOGE market for 2.5 months. The price, after a fantastic growth in April-May without volumes, is steadily falling. Sellers confidently keep their trend line, which we marked as a range on the chart. However, sellers do not try to take active actions. In the previous idea, we wrote that the best scenario for buyers is to continue to consolidate and hold the mark of $ 0.18.

As we can see, buyers could not keep this mark and allowed sellers to test the important range of $0.16-0.165 for the third time. This range was tested at low volumes. The DOGEUSDT price bounced off of course, but without hints of stopping the downward trend. Buyers failed to break through the sellers' trend range and, with a high probability, buyers will have to defend the range of $0.16-0.165 again.

A retest of this range will allow investors to aggressively buy DOGE with a target of $0.3. However, analyzing the desire of buyers to form their own trend, there is a possibility that sellers will be able to break through the range of $0.16-0.165 and continue falling to $0.12-0.125. In such a case, it would be a wonderful range for globally buying DOGE for several months.

It is safe and conservative to buy DOGE after the 0.22 test and holding the mark of $0.18.

In this case, the sellers' trend will be broken and the buyers will prove that they are ready to hold the DOGEUSD price.

Analyzing the DOGEBTC chart, we see that the price has gone beyond the global triangle:

However, the price exited the triangle without aggression, on small volumes. In addition, the price of DOGEBTC is above the important liquid zone 0.00000475-0.00000540. From this range, buyers carried out a new wave of growth in April.

Therefore, at the moment for us the main scenario is a retest of $0.16-0.165 with a possible false breakout of this range. After that, we expect the formation of a new sharp wave of growth with an ultimate target of $0.3.

An alternative scenario is a fall in the DOGE price to the range of $0.12-0.125. However, this requires the BTC price to update its low.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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