Dogecoin price has retraced 50% from its peak on May 8 at $0.739.
A decisive close above $0.45 will confirm the of an uptrend.
After a rally above $0.45, if DOGE breaks down $0.380, the bullish thesis will face invalidation.
Dogecoin price is currently in a no-trading zone per se and shows no apparent bias. The 71% drawdown has reduced to 50% after the recent recovery. However, a confirmed bullish prejudice has not developed yet.
Dogecoin price awaits break of critical level
Dogecoin price has retraced 50% from $0.739 on May 8 to where it currently stands, $0.374. Despite such a massive correction, DOGE vies higher highs. A 20% upswing to retest 50% Fibonacci retracement level at $0.739 seems like a no-brainer for the meme coin.
Depending on how the events will unfold here, Dogecoin price could either rally higher to retest old highs or continue to head lower.
A break above the $0.739 will signal a massive shift in trend favoring the bulls. If this were to happen, Dogecoin price needs could be looking at a 25% advance to $0.560 or a 32% ascent to $0.597.
Although unlikely, if the bullish momentum persists, the meme-themed cryptocurrency might even rally to retest the all-time high at $0.740.