- Dogecoin price reveals trifecta bullish entry situations.
- Short-sellers failed to capitalize with a submission move.
- Plunging risks, though limited, still exist.
Indeed, Dogecoin has displayed disappointing price actions for meme coin enthusiasts. The original dog crypto lost almost 35% of its price during November sessions. However, the situation seems to change soon.
DOGE Traps Short-Sellers, Forming a Massive Short-Squeeze Opportunity
According to the Figure chart and box reversal point, DOGE has a remarkable buying opportunity. The theoretical shape shows a buy-stop order near $0.218, $0.351 profit target, and $0.214 stop loss. If the meme coin confirms this entry, it finishes three conditions:
- An entry around $0.218 confirms a break past a triple-top at $0.217.
- The $0.218 entry confirms a Bear Trap pattern.
- The entry takes the DOGE price high than its current governing downswing angle before converting the reversal point ($0.001/3) into a bullish market.
Though the bullish narrative for DOGE, possibilities of a massive short setup exist. That might cancel the theoretical long-entry highlighted above. Keep in mind that the meme coin has its chart showing a split-triple bottom formation. The supposed short entry is the $0.153 profit target, $0.217 stop loss, and $0.212 sell stop order. The profit target comes from the Horizontal Target Method from Point and Figure Analysis.
Remember, there is a low probability of a profit target on a supposed short trade narrative. Meanwhile, bears had multiple opportunities to trigger a massive plunge for DOGE over the last two months but failed or were unwilling to accomplish that. Moreover, the support at the $0.185 lows seems to limit downward risks. However, that does not mean that DOGE does not exhibit downtrend risks.
Meanwhile, a hypothetical view shows Dogecoin can witness a 60% upsurge, outperforming SHIB. Keep in mind that Shiba Inu has been performing remarkably this year. It still appears dedicated, competing for a place in the top ten cryptos by market value. Moreover, Shiba Inu once confirmed the ‘Dogecoin-killer’ narrative. That was when it outperformed DOGE in market ranking.
What are your thoughts on Dogecoin and SHIB race? Which coin will win the race? You can comment below.