Why Dogecoin Price Is Arousing Great Interest Among Investors
- Dogecoin price is providing a strong Fibonacci cluster at the current $0.05 level.
- Dogecoin price revisits the historic bull run trendline of 2021.
- The invalidation of the entire downtrend may be a breach above $0.085.
Dogecoin price should be on everyone’s watch list as the technical data points to an important level in play, which justifies the idea of a very volatile market in the coming weeks.
Dogecoin price is one to watch
The first abnormal signal for Dogecoin price is the recent break of a historical trend line, which has been highly anticipated for months here at FXStreet. It looks like the stars are aligning in favor of a bullish rally, but it’s better to play the market safe than to jump in too soon. A devastating collapse to $0.02 could occur if the bulls fail to provide support.
DOGE/USDT 1 week chart
Dogecoin price is showing interesting technicalities as the crypto market falls into oblivion. A Fibonacci projection tool from the first impulse to the Wave X rally that ended April at $0.18 has a Fib level of 61.8% at $0.05. A Fibonacci retracement tool surrounding the all-time lows and highs also has a 38.2% level at $0.05. A Fibonacci band is when two Fibonacci methods line up in the same vicinity, signaling a strong level of interest.
DOGE/USDT 2-Week Chart
The downtrend invalidation is a breach above $0.085. The whole downtrend could be considered over if the bulls can accomplish said price action. A rally to all-time highs at $0.70 would result in a 1125% increase from the current Dogecoin price.