- The Dogecoin price rests in a parallel channel.
- Selling Dogecoin Price Comes With Relatively Low Volume
- The invalidation of the uptrend scenario is a breach at $0.1224
Dogecoin price could reach the last low before a shocking countertrend rally.
Dogecoin price is worth the risk
Dogecoin price fails to break above the $0.12224 level, but wipes out all trading liquidity within reach of the level. Market makers could be hinting at an ongoing price spike as sales ritually occur at low volume. The Dogecoin macro thesis argued that the popular meme coin coils in a triangular formation. The potential DOGE triangle may need one more high to end a complex C wave.
Dogecoin price is also finding support at an ideal level on the Relative Strength Index. The bears repeatedly push the price lower, but the overall structure of the decline lies in the tilted parallel channel. If the technical details are correct, a breach above $0.13 could send the price of Dogecoin flying.
DOGE/USDT 4-Hour Chart
The invalidation of the bullish thesis is a break below $0.1224. A Dogecoin price of $0.11 will be back on the table if this breach occurs, resulting in a 10% drop from the current DOGE price.
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