- Dogecoin price trades between the $0.078 resistance and $0.057 support levels.
- DOGE could either sweep the $0.074 level first before crashing to $0.057 or directly do it from its current position.
- A daily candlestick close above $0.078 will invalidate the bearish outlook for the meme coin.
Dogecoin price shows signs of consolidation as it produces a potential top formation. While the direction of DOGE is decided, there might be a minor detour before reaching its target.
Dogecoin price prepares for its next leg
Dogecoin price is trading around $0.067 after producing multiple higher lows. However, the $0.078 resistance level seems to be a hindrance preventing DOGE from going higher, as a result, the meme coin has produced lower highs since June 27.
Going forward, investors can expect one of two things to happen:
- Dogecoin price sweeps the buy-stop liquidity resting above $0.074 and reverses its trend to crash 21% to $0.057 to collect the sell-stop liquidity.
- DOGE heads lower to sweep the $0.057 level and ignores the liquidity present at the topside.
Therefore, investors can be prepared to short DOGE if one of these events is triggered. A four-hour candlestick close below the $0.065 support level will be the confirmation for the 2nd scenario.
Market participants should note that the position is likely to yield high returns and be more effective if the buy-stop liquidity is collected first. Moreover, investors need to pay close attention to Bitcoin price before taking a jab at Dogecoin price
DOGE/USDT 4-hour chart
On the other hand, if Dogecoin price produces a daily candlestick close above the $0.078 resistance level and flips it, the bearish thesis will face invalidation. In such a case, DOGE is likely to continue its ascent to $0.10.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto fraud soars as high-risk addresses on Ethereum, TRON networks receive $278 billion
The cryptocurrency industry is growing across multiple facets, including tokenized real-world assets, futures and spot ETFs, stablecoins, Artificial Intelligence (AI), and its convergence with blockchain technology, as well as the dynamic decentralized finance (DeFi) sector.
Bitcoin eyes $100,000 amid Arizona Reserve plans, corporate demand, ETF inflows
Bitcoin price is stabilizing around $95,000 at the time of writing on Tuesday, and a breakout suggests a rally toward $100,000. The institutional and corporate demand supports a bullish thesis, as US spot ETFs recorded an inflow of $591.29 million on Monday, continuing the trend since April 17.
Meme coins to watch as Bitcoin price steadies
Bitcoin price hovers around $95,000, supported by continued spot BTC ETFs’ inflows. Trump Official is a key meme coin to watch ahead of a stakeholder dinner to be attended by President Donald Trump. Dogwifhat price is up 47% in April and looks set to post its first positive monthly returns this year.
Cardano Lace Wallet integrates Bitcoin, boosting cross-chain capabilities
Cardano co-founder Charles Hoskinson announced Monday that Bitcoin is integrated into the Lace Wallet, expanding Cardano’s ecosystem and cross-chain capabilities. This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.