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Synopsis: Dogecoin price action tanked on Monday, following the rest of the cryptocurrency market’s massive collapse. DOGE closed Monday with an 18% loss, just slightly above the daily low that constituted 20% decline overall. But a change in direction may be coming soon.
Dogecoin price hit a major milestone in time and price. DOGE is now in a downtrend that exceeds 365 days. Today’s new YTD and 2022 low represents an 87% loss from the all-time high made on May 8, 2021. However, the extremity of the current down drive has created an aggressive long setup for DOGE.
A hypothetical long entry for Dogecoin price now exists on its $0.005/3-box reversal Point and Figure chart. The setup is a buy stop order at $0.12, a stop loss at $0.105, and a profit target at $0.22. In addition, a trailing stop of two to three-box is an option and would help protect against any implied profit made post entry. The long setup for Dogecoin price is based on a Spike Pattern. The Spike Pattern in Point and Figure is a column with fifteen or more Xs or Os. It is considered a move that has hit an extreme and is due for a strong corrective move that can often convert into a broader trend change.
The projected profit target is below the dominant bear market, angle red diagonal line. It is also the 50% Fibonacci retracement on the weekly Ichimoku chart. The hypothetical long setup represents, a 6,1 reward for the risk. There is no invalidation point on a Spike Pattern because the entry is always on the 3-box reversal. If the current O-column moves lower, then the entry and stop loss for Dogecoin price moves, in tandem with the new low. The profit target remains the same.
Dogecoin price today is $ 0.077, with a 24-hour trading volume of $ 3.24B, market cap of $ 10.31B, and market dominance of 0.83%. The DOGE price decreased -27.44% in the last 24 hours.
Dogecoin reached its highest price on May 8, 2021 when it was trading at its all-time high of $ 0.738. The lowest price since it’s ATH was $ 0.067269 cycle low. The highest DOGE price since the last cycle low was $ 0.078 cycle high. The Dogecoin price prediction sentiment is currently bearish. Wallet Investor remains confident in DOGE. It set a one-year forecast of 24 cents per coin, and a five-year price target of roughly 71 cents. This represents substantial short-term and long-term growth.
Telegaon is also bullish on Dogecoin. It believes the meme crypto will hit an average price of 27 cents in 2022 and 58 cents in 2024.
Finally, CoinPriceForecast is a bit more tempered on DOGE, albeit still quite bullish. It set a year-end price target of about 10 cents for Dogecoin but only sees mild growth going forward. For 2024, it only sees the coin climbing to about 13 cents per coin, representing 46% growth from today’s price.
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