Bullish breakout from Falling Wedge, above $0.126 key level and 200-day moving average, could signal a trend reversal with +30% upside potential to $0.17. Stop Loss at $0.114.
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Dogecoin Price Analysis
- Current Price: $0.13 USD
- 24-Hour Trading Volume: $1.23 billion USD
- Market Cap: $18.87 billion USD
- Circulating Supply: 145.30 billion DOGE
- 1-Hour Change: +0.1326%
- 24-Hour Change: +0.1326%
- 7-Day Price Range: $0.12 – $0.14 USD.
Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher.
Emerging trade patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Weekly Price Analysis
Over the past week, Dogecoin has shown relative stability, with a price range fluctuating between $0.12 and $0.14 USD. The trading volume has remained robust:
- Weekly High: $0.14
- Weekly Low: $0.12
- Average Weekly Trading Volume: Approximately $859.8 million
- Trend: Short-term trend is Neutral, Medium-term trend is Neutral and Long-term trend is Strong Down.
- Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
- Support and Resistance: Nearest Support Zone is $0.10, then $0.075. Nearest Resistance Zone is $0.17.
News Roundup
- Market Movements: Dogecoin has seen significant trading activity with $1.1 billion transacted in the last 24 hours.
- Meme Coin Competition: Despite Dogecoin’s strong community backing, new meme coins like Raboo and ZRO are gaining traction, potentially challenging DOGE’s market position.
- Technological Developments: The Dogecoin Foundation continues to support the development and adoption of DOGE, with influential figures like Ethereum co-founder Vitalik Buterin on its advisory board.
Conclusion
Dogecoin remains a significant player in the cryptocurrency market, still being the number 1 memecoin in the market. With steady trading volumes and a robust community, DOGE continues to attract attention despite rising competition.
Investors should keep an eye on social media trends, adoption news, and overall market movements to gauge Dogecoin’s future price trajectory.
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