Dogecoin Price Analysis: All dogs die and go to heaven

All dogs die and go to heaven

Disclaimer: The opinion expressed in this article is opinion only and should not be taken as financial advice. Coinmash has no involvement with any assets discussed and urges everyone to do their own research before making any financial decisions.

  • DogeCoin price has macro technicals pointing to a well above $1.00
  • DOGE price can still fall as low as $0.01 without invalidating the macro thesis
  • Safe confirmation of the future, DOGE Bullrun is a bullish spike and settled above $0.10

Dogecoin’s price is undoubtedly one of the most speculative cryptocurrencies to date. With endorsements from Billionaires like Elon Musk and tech giant UBER Eats, it’s no wonder that DOGE is the world’s most beloved dog coin. Despite the hype, short term forecasts show a strong possibility of an additional 50 to 80% decline.

Dogecoin price has room to fall

Dogecoin price, from a technical perspective, deserves the hype. Elliott Wave Theory suggests DOGE is in a waver 4 of macroeconomic impulse with conventional double-top targets near all-time highs at $0.66. Such a move would result in a 970% increase in price from today’s market value, despite the long-term bullish bias. The dog has not yet gotten its wings.

Dogecoin price currently auctions at $0.06 as the bears have come out during the final days of August to suppress the ambitious pup once again. At the current time, the DOGE price is declining in a free-fall fashion, wiping out nearly all gains made throughout the entirety of the summer.

Bottom catchers will have a lot of work to do as the Macro technicals suggest a considerable 90% of cushion space to fall between wave one at $0.005 and the current market value. Using advanced Fibonacci and auction market theory techniques, this thesis suggests that DOGE could see a fall towards $0.01 and still make it back to heaven at $0.69. 

DOGEUSDT-1-Day-Chart
DOGEUSDT-1-Day-Chart

In summary, investors may want to remain sidelined or consider a dollar cost average approach for investing in the world’s notorious meme coin until further notice. The macroeconomic count is dependent on $0.005 remaining unbreeched. However, the safest way to qualify the start of a new bull run could be a breach above $0.10. If the bulls can hurdle this level, the Doge market bottom would potentially be in place.

Disclaimer
All articles published on Coinmash are strictly for informational purposes only. Any action that is taken from reading content published on this website is done at your own risk. 

About the Author
Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.