As the crypto market has regained momentum, Dogecoin is showing promising interest. Let’s explore the future outlook of the DOGE price.
Status of Dogecoin (DOGE)
After falling as low as $0.08, Dogecoin attracted buying interest which was defended. In fact, the cryptocurrency went through a period of consolidation and formed a double bottom. The neck line of the latter was then crossed, bringing the price of Dogecoin to $0.13. DOGE then suffered a sudden period of decline before forming new support at $0.10. It is interesting to observe that this area is on the same level as the area of remarkable value. While the crypto market was revised upwards, Dogecoin jumped significantly. This increase allowed the crypto to surpass its most recent peak as well as its first pivot point of resistance. Dogecoin recently hit resistance at $0.15, which is on par with the annual VWAP.
At the time of writing, DOGE is trading slightly below $0.14. The crypt thus suffered a slight drop in price. While this may be worrisome, it does not challenge the medium to long-term trend. These words can be confirmed by the fact that DOGE is above its 50, 100 and 200 daily moving averages. However, it will be necessary for Dogecoin price to continue its momentum to allow the daily moving averages to be crossed to the upside, which would reinforce this idea. As for the dynamics of cryptocurrency, it shows a revival, as evidenced by both its price and its oscillators.
The current technical analysis was done in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today, coach v Family businessa community of thousands of own account traders active since 2017. Here you will find Lives, educational content and mutual help in the financial markets in a professional and warm atmosphere.
It’s important to note that memecoins have been on the rise recently, as Alvin Kan, COO of Bitget Wallet, explains:
“According to CoinMarketCap, memecoin’s current market cap is around $56 billion, a 37% increase over the past 30 days. The recent surge in interest in memecoins, especially with ApeChain entering the market and dydx preparing to launch related applications, highlights a shift in market dynamics. Traditional projects often have long development cycles and can lack new stories, leading to investor fatigue and reduced interest. »
Focus on Dogecoin Derivatives (DOGE/USDT)
The open interest of the DOGE/USDT standing contracts was revised upwards, as was its underlying. This undeniably proves the interest of speculators in cryptocurrencies. Although this phenomenon is accompanied by a positive funding rate, indicating a dominant purchasing power on Dogecoin perpetuals, it is worth noting that CVD has recently been revised downwards. This reveals recently prevalent short orders in the market, illustrating some pessimism about the near future of cryptocurrencies. Regarding the liquidations, we see that they are not significant, although the last ones were especially long, testifying to the possible capitulation of buyers.
The liquidation map of the DOGE/USDT contracts reveals that the dogecoin price has attracted selling interest, leading to a decline as it approaches the liquidation zone identified just below $0.15. Currently, the crypto is just above the liquidation zone around $0.13. Below we can notice various liquidation zones up to $0.114. There are also liquidation zones below $0.10 further down, but these are much less significant. A price approaching these levels could lead to massive order triggering, increasing the risk of increased volatility for the cryptocurrency. These areas therefore represent crucial points of interest for investors.
Dogecoin (DOGE) price prediction.
- If the price of DOGE remains above $13, we could expect a bullish continuation towards the $0.15 level. The next resistance to watch, if this move is confirmed, could be above $0.16 to $0.175. Additionally, the $0.20 zone would be a target to consider, representing an upside of over 45%.
- If the price of DOGE fails to hold above $0.13, a return to $0.12 is possible. If the bearish movement continues, the next support to watch will be around $0.11. Even lower, we could target the support zone around $0.10, which equates to a potential downside of around 27%.
Conclusion
Following the consolidation and subsequent recovery, Dogecoin is showing signs of recovery despite the recent slight decline. The basic trend remains positive in the medium and long term, supported by the current market dynamics. Maintaining momentum will be critical to confirming this trajectory. Therefore, it will be necessary to closely monitor the price reaction at key levels in order to verify or revise current forecasts. Finally, remember that this analysis is based solely on technical criteria and that the price of cryptocurrencies can evolve rapidly depending on other more fundamental factors.
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