Dogecoin Market Analysis – Multi-Week Range Setup
Current Structure:
Dogecoin continues to trade within a well-defined range of $0.16 to $0.18 on the daily chart. The price has tested both boundaries multiple times without a decisive breakout.
Key Observations:
Support: $0.16
Resistance: $0.18
Price shows a repeated pattern between these levels, indicating a sideways market.
A double bottom and cup & handle formation may be in play, although the handle is weak and choppy.
Only one failed breakout attempt to $0.20 (on May 25) with a large wick, showing rejection and lack of bullish momentum.
Technical Setup:
Dogecoin is at a critical juncture. A break above $0.18 is essential for further upside. Conversely, a failure to hold $0.16 could trigger downside continuation.
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Trade Setup (Swing Positioning):
Bullish Scenario (Breakout Trade):
Entry: Daily candle close above $0.18 with strong body
Target 1: $0.20
Target 2: $0.265 (Cup & Handle and Double Bottom target)
Stop Loss: Close below $0.175 (2-day rule confirmation fails)
Bearish Scenario (Breakdown Trade):
Entry: Daily close below $0.16 for 2 consecutive days
Target 1: $0.14
Target 2: $0.10
Stop Loss: Close back above $0.162
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Summary:
Until Dogecoin decisively breaks this $0.16–$0.18 range, sideways chop is likely to continue. Wait for clear confirmations before taking position. Strong structure and confluence at $0.18 will be key to shift trend direction upward.
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