Dogecoin price still a big question mark despite the recent uptrend
- Dogecoin price is experiencing choppy price action.
- Dogecoin price volume is still unconvincing.
- Invalidation of the bearish thesis is a close above $0.15.
Dogecoin price is in limbo
Dogecoin price is showing extremely choppy price action, which has warranted the digital token as unfavorable until further evidence of a strong uptrend reveals itself. Today the DOGE price climbed back into the low $0.14 zone under relatively low volume. The lack of volatility in recent days bares the idea that professional traders and big institutions are uninterested in DOGE around the price of S0.14.
Dogecoin experienced a significant false breakout earlier this month that is still lingering within the price action. The bulls are trying to establish some momentum as DOGE price hovers within buyers' territory on the Relative Strength Index. However, there is still a big question mark about the overall trend. Analysts at FX have provided a descending triangle thesis, with wave C being over following the false breakout earlier in March. Wave C is usually very complex in regards to triangles. Thus, it will be challenging to forecast a new high even if it occurs.
DOGE/USDT 1-Day Chart
The earliest evidence to bestow any confidence in a DOGE uptrend will be a closing candle above $0.15. If the bulls can close above the previous consolidation zone, the DOGE price could charge between $0.17 and $0.18, resulting in a 20% increase from the current price.
Author
FXStreet Team
FXStreet
