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- Dogecoin price action is under pressure as global markets are nervous about a possible escalation between Ukraine and Russia.<\/strong><\/li>\n
- DOGE looks set to break the low from the previous week and dip towards $0.1357<\/strong><\/li>\n
- Expect once DOGE price reaches that level to see a rally into the weekend that could hold 40% gains.<\/strong><\/li>\n<\/ul>\n
Dogecoin (DOGE) is set for a solid rally but first needs to face the most vital forces with global markets pressing on all assets with a mood of risk-off, as today and tomorrow could be the tipping point in the escalation towards a war between Russia and Ukraine. As tailwinds are just too big a force to face, DOGE will dip further towards solid support at $0.1357. Once bulls enter, expect a big rally that could swing up to 40% towards $0.19.<\/p>\n
Time for the bulls to stake a step back and look at the bigger picture<\/h2>\n
Dogecoin is under pressure as the overall cryptocurrency space joins global markets <\/a>rattled by a crucial moment in the Russia-Ukraine development. As Russian army exercises near the Ukrainian border are set to end tomorrow, the crucial moment for a possible invasion to take place before then. This is putting markets on edge with risk-off across the board and EU equities down more than 3%.<\/p>\n
This risk sentiment is weighing on DOGE price action with the low of last week <\/a>being tested, and bears using the entry-level from Sunday at $0.1594 where the 55-day Simple Moving Average and the pivotal historical level delivered a firm rejection to the upside. With that, expect this downtrend to continue today and dip towards $0.1357, which already proved its support at the end of January. Once there, expect <\/a>bulls to jump on the opportunity and lead a rally that could jump as much as 40% towards $0.19 once the geopolitical rhetoric dies down and cools off.<\/p>\n
![\"DOGE\/USD](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/DOGEUSD_2022-02-14_11-07-34-637804388801555184.png\")
<\/a><\/p>\nDOGE\/USD daily chart<\/small><\/p>\n
Should Russia engage in war with Ukraine and invade, expect this to pull the trigger for investors to flee the markets and cause a fire sale across the board. For DOGE this would mean that it could tank another 24% on top of the 7% forecasted for today. That would bring DOGE price action down to around $0.1030, where the monthly S1 support level is situated, the red descending <\/a>trendline and the $0.1000 psychological level \u2013 providing three elements that could catch the falling price action.<\/p>\n
\n - DOGE looks set to break the low from the previous week and dip towards $0.1357<\/strong><\/li>\n