- Dogecoin price action continues to frustrate buyers.
- Dogecoin is, quite literally, going to the moon.
- Dogecoin is now positioned for aggressive and conservative entry opportunities.
Dogecoin price continues to experience whipsaws in price action with no defined breakout yet established. That may change given some upcoming fundamental events combined with strong technical breakout levels.
Dogecoin funds satellite to the moon; Dogecoin price action positioned for bullish entries
Dogecoin price may get a massive spike due to some fundamental factors involving a planned satellite launch by SpaceX that will go to the moon. By itself, it doesn’t sound like a big deal. However, the big deal is this: the mission is named Doge-1 because the project was funded entirely by Dogecoin. Adding to the importance of this event is the type of satellite, a CubeSat, which has never been launched to the moon. Therefore, Doge-1 will likely be the first CubeSat to reach the moon, beating NASA’s planned launch. This event will likely have a strong effect on Dogecoin's price.
Yet Dogecoin's price action remains noisey, messy and indecisive. Point and Figure charts help filter out the ‘noise’ associated with candlesticks by focusing only on price action. There is no volume or time factor in Point and Figure analysis. As such, entry conditions are more transparent and concise. Two theoretical long trade ideas for Dogecoin price have been identified.
The hypothetical aggressive buy entry is a buy stop order on the 3-box reversal off the current O-column, currently at $0.30 with a stop loss at $0.26 and a profit target at $0.66. This entry is considered aggressive because it would be an entry on the first pullback after Dogecoin broke below the former bull market trendline (blue diagonal line). This type of trade also requires active trade management because the end of the column of Os is not yet determined. And as the current O-column moves lower, so does the entry and stop loss (4-box stop loss), but the profit target remains. A two to three-box trailing stop after Dogecoin hits $0.35 would help protect any implied profit from this trade.
DOGEUSDT $0.01/3-box Reversal Point and Figure Chart
On the conservative side of the buy entry, the hypothetical trade setup for Dogecoin price is a buy stop order at $0.35, a stop loss at $0.31 and a profit target @ $0.66. The conservative trade idea is based on two bullish entry patterns in Point and Figure analysis: the break of a Triple-Top and a Bullish Catapult Pattern. In addition, a two to three-box trailing stop after Dogecoin his $0.41 would help protect any profit after the initial entry.
DOGE/USDT $0.01/3-box Reversal Point and Figure Chart
Both long trade ideas are invalidated if Dogecoin price moves below the $0.23 value area.
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
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
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.