Dogecoin, the original memecoin, has continued to maintain its place in the crypto market, supported by its community and high-profile endorsements, particularly from Elon Musk.
Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.
DOGECOIN Price Analysis
- Price: $0.1115
- Market Cap: $16.3 billion
- 24h Trading Volume: $512.32 million
- Circulating Supply: 146 billion DOGE
- Total Supply: 146 billion DOGE
Price broke out from Channel Down pattern, which signaled a bullish trend reversal. It reached our target of $0.126 – 0.14 (200-day moving average) resistance zone. We would be buyers on pullbacks near $0.10 support with +20% upside potential back to $0.126 – $0.140 resistance zone. Stop Loss at $0.088.
Weekly Price Analysis
- 7-day Price Change: +0.049%
- Weekly High: $0.112
- Weekly Low: $0.108
- Trend: Short-term trend is Neutral, Medium-term trend is Neutral, Long-term trend is Strong Down.
- Momentum is Bearish but inflecting. MACD Line is still below MACD Signal Line but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing an upswing. Price is neither overbought nor oversold currently.
- Support and Resistance: Nearest Support Zone is $0.10, then $0.075. Nearest Resistance Zone is $0.126, then $0.17.
Technical Indicators
- RSI: Currently at 54.2, signaling neutral market momentum.
- MACD: Shows slight divergence, hinting at the possibility of continued upward movement.
- Bollinger Bands: Price trading near the upper band.
News Roundup:
- Uptober: Traditionally, October has been a strong month for crypto, often leading to price surges. There’s some speculation that a potential bull run could occur later in the month.
- Broader Adoption in Payment Systems: Continued expansion of Dogecoin’s acceptance across payment platforms could serve as a catalyst. X (Twitter), now owned by Elon Musk, has hinted at possible integrations with DOGE.
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