Dogecoin (DOGE) price is seeing bulls kicking back into gear as the dust settles in the aftermath of Jackson Hole. Investors are coming back and picking up trades at lucrative discounts. Traders are looking beyond the comments from Powell and starting to brush off the negative news, which should see a lift in risk assets towards the end of the week.
Dogecoin price was giving investors headaches over the weekend as on Saturday, price action went nowhere and on Sunday, ASIA PAC traders pushed DOGE further to the downside, only to eke out more losses on Monday morning until deep in the European trading session. As often seen, these markets can be very resilient and this week looks to be no exception as the US session is seeing recoveries across the board. In this spirit, DOGE price could be set to make gains towards the end of this week.
DOGE price is first set to erase the incurred losses of around 5% booked over the weekend. Once above the high of Saturday, bulls will jump on this occasion and add more to their building positions. This will trigger a shortage on the buy-side volume and will see higher prices being paid to acquire some stake in Dogecoin price action. In an effort to be part of the rally, bulls could push DOGE price as far as $0.0700 with the monthly pivot and the 55-day Simple Moving Average being reclaimed in a fierce recovery.
DOGE/USD Daily chart
Risk to the downside comes with the two price caps that are situated at around $0.068 from the monthly pivot and the 55-day SMA residing above. This means that two elements could hold a bearish flag in close vicinity and create a rejection that would see price action fall back to $0.0600. From there, the risk could be that markets roll over and tumble again, dragging cryptocurrencies along with them and seeing DOGE printing prices at $0.048, losing roughly 23% in the process.
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