DOGE Could Be One of the Best Performers Over the Coming Months

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  • DOGE could be one of the best per­form­ers over the com­ing months.
  • Bulls pro­duced a spike above the con­sol­i­da­tion zone, which could be an entry for traders that are will­ing to take the risk.
  • Should the token tap the $0.00560 lev­el, the price of DOGE could fall.

The next few months could see the pop­u­lar meme coin, Doge­coin (DOGE), be one of the best per­form­ers in terms of price gains.

Look­ing at the third week of June’s trad­ing ses­sion, things are look­ing rel­a­tive­ly opti­mistic for DOGE’s price. On June 10, the meme coin retest­ed the breached Elliott wave trend chan­nel into the $0.05 lev­el. This was fol­lowed by con­sid­er­able side­ways price action with­in this region.

Bulls then pro­duced a spike above the con­sol­i­da­tion zone on Tues­day, June 21, which could be an entry for traders that are will­ing to take the risk.

When look­ing at the macro per­spec­tive, the price of Doge­coin looks set to reach $1.00. This is fur­ther cor­rob­o­rat­ed by the vol­ume that has tapered out, a clear diver­gence appear­ing on the Rel­a­tive Strength Index (RSI) indi­ca­tor, and the fact that the trend chan­nel has been breached.

There are Elliot Wave prac­ti­tion­ers who would say that the price action in wave five is usu­al­ly a repli­ca­tion of the wave one price action in either momen­tum, time, or both. Should this be the case for DOGE’s price, then the pop­u­lar meme coin could reach $1.00 by around Octo­ber this year.

DOGE/USDT 4‑Day Chart (Source: TradingView)

Even though things seem opti­mistic for DOGE, there is still the real pos­si­bil­i­ty that the price of DOGE could fall into low­er tar­gets, such as the $0.02 price lev­el, with­out inval­i­dat­ing the macros count.

Inval­i­da­tion of the entire macro count is depen­dent on the price of DOGE not breach­ing $0.00560. If this wave one price lev­el were to get tapped, the entire move­ment would be void.

Dis­claimer: The views and opin­ions expressed in this arti­cle are sole­ly the author’s and do not nec­es­sar­i­ly reflect the views of Coin­Quo­ra. No infor­ma­tion in this arti­cle should be inter­pret­ed as invest­ment advice. Coin­Quo­ra encour­ages all users to do their own research before invest­ing in cryptocurrencies.

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