According to crypto analyst Tony M, Dogecoin (DOGE) could be the best crypto to invest in 2022. However, the analyst says it will still be difficult to catch an early entry. Dogecoin bounced back to $0.06 after being rejected just below the $0.08 barrier on Monday. We have prepared Tony M’s technical analysis and forecasts for our readers.
“Dogecoin (DOGE) needs to do this”
As you can follow on Kriptokoin.com, Dogecoin made an impressive rally. DOGE gained 58% from June 18 low of $0.048 to $0.078 Monday, June 27th. After that, it finally sees the expected pullback. In the weekend outlook, DOGE began showing exhaustion-like symptoms amid consolidation on Sunday afternoon. Therefore, there is a potential for a pullback with targets in the $0.055 zone. On Tuesday, June 28, profit taking went a little too far. Also, exiting traders added fuel to the bearish momentum. Triggered by all this, the bulls finally surrendered.
The popular meme coin Dogecoin (DOGE) is currently trading at $0.067. Because the meme coin is failing to maintain the supportive ground of the $0.07 barrier. It dropped from Monday’s high of $0.078 to the steepest retracement point to date at $0.073. Surrounding this drop, a Fibonacci Projection tool predicts the 261.8% Fib level around the same $0.055 area mentioned in the previous view as a possible retracement zone. If market conditions are indeed bullish, traders may look for a bottom and a continuation of the uptrend to start in the $0.055 region.
DOGE 15-minute price chartWhere is the safest entry for DOGE?
The uptrend scenario is likely to be invalid. This marks a break below the June 18 low of $0.048. Early traders should not buy the low around $0.055. Once you see DOGE price rise above $0.065, let the price drop to the $0.055 barrier level and realistically participate in a breakout. Also, the safest entry is a second break from Monday’s high at $0.078.
If the techniques produce this result, the bulls should confidently head towards $0.25 to confirm the macro targets at $1.00. Conversely, there are chances that a V-shaped recovery may not occur near $0.055. In this case, a break below the June 18 low of $0.048 would be inevitable. It is possible for the bears to push the DOGE price down to as low as $0.01. This means a 70% decrease from the current Dogecoin price.
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