Where is Dogecoin Headed Next?

Analyst Darl from Crypto Daily Trade Signals believes that Dogecoin (DOGE) is poised for a breakout.

Darl’s analysis reveals a significant potential for Dogecoin’s price movement, estimating a 70% chance for a breakout. He states that should Dogecoin, predicted to hit $1, convincingly breach and maintain a level above $0.17, targets could extend to $0.20. The current trading price for Dogecoin stands at $0.16, with crucial support around $0.13 should there be a downturn. Despite the market’s volatility, whale transactions remain steady, indicating that significant investors are neither aggressively buying nor selling, which may signal a period of price consolidation ahead.

Further underpinning the optimistic outlook for Dogecoin, developers have announced an increase in on-chain activity, which could catalyse more significant trading volumes and price movements. The Stochastic RSI and MACD indicators also support this view, suggesting that the market might soon be gearing up for a more decisive trend direction.

Additionally, Darl, who has been bullish on Dogecoin, states that the broader cryptocurrency market trends reflect positive sentiments, with several analysts voicing bullish predictions for DOGE and Bitcoin (BTC). Predictions from various analysts include a potential rise in Bitcoin’s price to $350,000 by August 2025 and an anticipation of a primary inverse Head and Shoulders pattern reaching between $91,000 and $110,000. Standard Charter Bank has even forecasted that Bitcoin (BTC) could hit $150,000, contingent upon specific political developments, aligning with calls from other analysts.

Dogecoin Price Review: How is DOGE Doing Today?

Analyzing DOGE, we see a Rising Wedge with a convergence of higher lows and slightly higher highs from the rising wedge, indicating looming bear action. Currently, the price is trading at $0.1600, showing a slight downtrend as it approaches the wedge’s apex. On the other hand, the Awesome Oscillator (AO) is below the zero line and shows red bars, indicating bearish momentum, which supports the potential downward breakout of the wedge.

4-hour DOGE/USDT Chart | Source: TradingView

On the other hand, the Money Flow Index (MFI) at 44.58, which is moderately low, suggests that there isn’t excessive buying pressure. CoinMarketCap shows that Dogecoin traded at $0.1599, a 1.9% decrease over the last 24 hours.

Close
Your custom text © Copyright 2024. All rights reserved.
Close