Dogecoin (DOGE) The price may explode upwards as both buyers and sellers are squeezed during the current week. As we enter the end of this week, more and more risks are becoming ineffective and decreasing. This will increase sentiment in cryptocurrencies in general and could bring the DOGE price to $0.18, gaining 38%.
Dogecoin May Take Off After Consolidation
DOGE price It fell back on its feet last week but the bounce of the 55-day Simple Moving Average around $0.1323 proved not enough to blow the bulls up to $0.16. Instead, this week’s price action has resulted in consolidation with lower highs and higher lows as buyers and sellers push towards each other. Either way, you can expect a breakout but seeing the current bearish headwinds, you can expect this break to be on the upside with $0.18 as the target.
As the agenda remains more stable this week, Dogecoin may also show moves that will improve the current trade balance. If nothing goes wrong, DOGE price is ready to rally as high as $0.18 against the 200-day SMA. On the other hand, the fact that the dollar index is above 100 slows down this rally.
While the stakes are dwindling, the earnings season is still on and has just begun. Downside risk could come from a lack of further earnings or warnings from CEOs about rising price costs that must be passed on to customers, which could lead to further inflation. This could trigger a wide risk loss in the markets as Dogecoin pushes new lows for the year back to $0.1255 and possibly even $0.1004.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.