Tony M.
FXStreet
Dogecoin price could be the outperformer in the next few months. Here are factors to keep in mind.
Dogecoin price looks very optimistic to start the third week of June’s trading session. The notorious meme coin saw a retest of the breached Elliot wave trend channel on June 10 into a $0.05 level. The acquaintance was followed by considerable sideways price action within the region. On Tuesday, June 21, the bulls produced a spike above the consolidative zone, which may be an entry for savvy traders willing to take a risk.
From a macro perspective, the Dogecoin price looks on pace to reach $1.00. The volume pattern has tapered out, there is visible Relative Strength Index divergence, and the trend channel has been breached. Some Elliot Wave practitioners would say that wave 5 price action usually replicates wave 1 price action in either time, momentum, or both. If this idea is applied to DOGE price, then the notorious dog coin could see a peek into $1.00 by October of this year. 
DOGE/USDT 4-Day Chart
Still, anyone reading this thesis should be dually aware that the DOGE coin can still fall into lower targets, specifically a $0.02 price level, without invalidating the macro count. This double scenario must be kept in mind and should warrant investors to dollar cost average approach DOGE to reduce their cost basis if any more dips occur.
Invalidation of the entire macro count is dependent on $0.00560 not getting breached. If this wave 1 price level were to get tapped, the entire move would be void. Dogecoin would see a catastrophic demise into $0.001 and lower, resulting in over a 100% decrease from the current DOGE price.
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Billy Markus, the founder of Dogecoin, believes the memecoin price may never return to its all-time high as 2021 was a “weird year.” Still, DOGE holders are bullish amidst Elon Musk’s support and believe the Shiba-Inu-themed cryptocurrency could continue its uptrend.
Shiba Inu price tagged along with other altcoins that were bouncing and witnessed decent gains. However, the rally seems to have ended around a resistance barrier, which could lead to retracement for SHIB.
TRON price is coiling up between two significant trend lines since February 2021. This massive consolidation almost resolved to the downside but a quick recovery has provided the bulls with another chance at a bullish breakout.
Arthur Hayes, the former CEO of BitMEX, believes forced Bitcoin liquidations have increased the selling pressure on the asset and explained the impact on BTC price. The bloodbath in crypto triggered a slew of liquidations by crypto lenders, forcing Bitcoin selling to push BTC lower.
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.
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