• Dogecoin price shows signs of a bottom developing.
  • Point and Figure charts await confirmation of a new bull market.
  • The early entry zone could trigger a 75% gain for Dogecoin.

Dogecoin price has frayed the nerves of both bulls and bears alike. Bears especially have been on the more painful end of the Dogecoin trade due to their inability or lack of desire to push Dogecoin into a flash-crash towards single digits.

Dogecoin price action shows a new bull market has already started

Dogecoin price action on the $0.005/3-bx Point and Figure chart shows the prior bear market angle was broken when Dogecoin moved to $0.215. After breaking that bear market angle (red diagonal line), the Point and Figure chart converted into a bull market. Ever since the bearish trendline was broken, however,  DOGE has pushed lower.

The current retracement has undoubtedly shaken the resolve of many hodlers and buyers who are still on the sidelines. One interesting facet of Point and Figure analysis is interpreting the change of a market from bull-to-bear or bear-to-bull. The initial corrective move (throwback or pullback) is not viewed as a weakness but a sign of strength. And that is where trading opportunities occur.

There is a phenomenal early entry opportunity now on the Dogecoin price Point and Figure chart. The theoretical long opportunity is a buy stop order at the 3-box reversal off the current column of Os, currently at $0.1950. A 4-box stop loss (currently at $0.175) and profit target at $0.335 complete the long setup. A 3-box trailing stop would help protect any implied profits post entry.

DOGE/USDT $0.005/3-box Reversal Point and Figure Chart

The long setup remains valid as long as Dogecoin price remains above the bull market trendline (blue diagonal line). If it prints a box that breaks that angle, the long idea is no longer valid.

 


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. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: 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 invest in 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.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP