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Dogecoin (DOGE) Striving Hard to Regain Bullish Momentum

thenewscrypto.com 02 December 2021 19:37, UTC
Reading time: ~2 m

  • A significant short setup might invalidate the above speculative long entry.
  • The price level needs to reach $0.218 to confirm the breakout.

The price of Dogecoin has been a major letdown for the Doge army, to say the least. In November, Dogecoin lost over 34% of its value, which is expected to change shortly.

Dogecoin’s price offers a fantastic buying opportunity. With a stop loss of $0.214 and a profit objective of $0.351, the long-term theoretical strategy is to buy at $0.218 with a buy stop order.  The price level has crossed $0.218 to confirm the breakout that formed at $0.217. Known as a “Bear Trap,” the entrance at $0.218 verifies the existence of a bullish Point and Figure pattern.

Bullish Momentum

A significant short setup might invalidate the above speculative long entry for Dogecoin, which is despite the bullish posture. The chart of Dogecoin shows a split-triple bottom pattern. Sell stop order at $0.212 and a profit target of 0.153 is the potential short entry point for the short position. In Point and Figure Analysis, the profit goal is calculated using the Horizontal Profit Target Method.

DOGE/USDT: Source: TradingView

In contrast, the possibility of profiting from the short trade concept is modest. Dogecoin bears have had several chances over the last 60 days to cause large sell-offs, but they have either been unable or unable to take advantage of them. There is also a good chance that the price will not go below $0.185.

According to CoinMarketCap, the Dogecoin price today is $0.222523 USD with a 24-hour trading volume of $1,425,465,143 USD. Dogecoin is up 3.95% in the last 24 hours.

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