The cryptocurrency known for its climb fueled by memes, Dogecoin (DOGE), is slowly approaching crucial price points that can cause a lot of market activity. The token, which has regained attention from both casual investors and traders, might be preparing to revisit its all-time high (ATH) of $0.73, a level tied to an ambitious $100 billion market cap. Related Reading: XRP Mania On The Rise: ATH Predictions Backed By Solid Google Search Interest Cryptocurrency specialist Master Kenobi is of the opinion that this particular milestone can give a psychological edge not only to the holders of Dogecoin but also to the whole cryptocurrency community at large. Dogecoin may use this valuation as an advertising of sorts, reviving interest and attracting new investors to the ecosystem. It is yet unclear if DOGE will be able to overcome its past propensity for short-term consolidation and steer toward a more gradual ascent this time. ✨ #DOGE quick UPDATE: Have you ever wondered what the #Dogecoin chart would look like when scaled to the previous cycle? If the price starts moving toward a new level now, the first stop would likely be the ATH, a zone that coincides with a market cap of approximately $100B.… https://t.co/uuRPgGjcuw pic.twitter.com/IlG0e80ZZ2 — Master Kenobi (@btc_MasterPlan) November 17, 2024 Is It A Surge Or Stagnation? Two different possibilities are emerging, according to analysts, as DOGE moves closer to these critical zones. According to the first scenario, there may be a low-volatility phase of stasis followed by an explosive breakout. Before a retreat happens, a surge like this might drive DOGE’s price toward the desired $1 level or perhaps higher, aiming for a range of $1.2 to $1.3. The second scenario suggests a quicker rise fueled by strong momentum, breaking through resistance levels without a prolonged pause. For now, the 43.14% price volatility recorded in the past 30 days serves as a reminder of Dogecoin’s unpredictable nature, even during bullish cycles. A Bullish Market With Cautionary Notes The picture painted by market indicators is conflicting but generally positive. Dogecoin has shown resiliency and investor trust by achieving green days on 63% of the previous month. The Fear & Greed Index, which states a reading of 90, indicates growing enthusiasm. However, CoinCodex has already predicted a possible decline in price by 7.63% by December. This prognosis emphasizes the need for caution rather than undermining the current bullish mood. While long-term holders should balance the risks of volatility against the possibility of significant rewards, short-term traders may discover opportunities during times of consolidation or declines. Related Reading: Shiba Inu (SHIB) Ready To Roar! Analyst Calls For A 200% Spike A Crucial Moment For DOGE The success of Dogecoin in navigating significant resistance levels and sustaining market interest will determine if it retests its ATH. Investors must be alert despite the euphoria around its development. As DOGE continues to generate headlines and conjecture in the cryptocurrency world, it will be crucial to strike a balance between the excitement of potential new highs and the realities of market swings. Featured image from Kurt Pas from Getty Images, chart from TradingView
Interest in Dogecoin appears to be rising once again with the meme coin demonstrating the potential for another notable price upswing, capturing the attention of investors and crypto enthusiasts as they anticipate a massive run-up to a new all-time high in the ongoing market cycle. Dogecoin To Hit A New Peak In The Next Parabolic […]
Crypto analyst Kevin (@Kev_Capital_TA) is projecting a significant surge for the Dogecoin price, anticipating it to reach between $1 and $2 by the end of December or early January. This bullish forecast comes amid skepticism about the current breakout patterns observed in the memecoin. One Last Dip For Dogecoin Price Before $1? Over the past week, from November 12 to 19, Dogecoin formed a falling wedge—a pattern often considered bullish—on the lower timeframes. On November 19, the crypto asset broke out of this formation, prompting some optimism among traders. However, Kevin remains unconvinced about the strength of this move. “This weird little breakout on Dogecoin of this suspect bull flag looks very weak to me,” he stated via X. “Tracking the money flow on smaller time frames and smart investors are not convinced either. If money flow remains stagnant, then my base case of further correction/consolidation becomes more likely. Which, by the way, is more bullish if we just head straight up from here.” Related Reading: How Low Can Dogecoin Go Before Rallying Again? Expert Forecast When asked by an X user whether Dogecoin would surpass $0.40 by mid-December, Kevin responded confidently: “I think we’re at $1-$2 by end of December beginning of January.” Despite his bullish long-term outlook, Kevin still expects continued short-term correction for the Dogecoin price. He cautioned that “a lot of people will be wiped out if this occurs.” He elaborated on his price targets: “My first price target and a level we will want to hold for Dogecoin is the $0.30-$0.26 cent range, which is the golden pocket retrace levels. That’s a 30-40% correction from the local top, which in a bull market is a perfect size correction.” Over the long-term, Kevin foresees much higher price levels. In an analysis leveraging the Pi Cycle Tops Indicator—a tool traditionally applied to Bitcoin—crypto analyst Kevin recently shed light on Dogecoin’s long-term potential market trajectory. The indicator, crucial for pinpointing cycle highs and lows, relies on the crossing of two specific moving averages to signal significant market shifts. The shorter-term moving average (MA) which typically considers the last 111 days of price data. The longer-term MA which averages the last 350 days but multiplies it by two. The indicator’s principle is based on the theory that when these two MAs cross, a potential peak in the market price is imminent, suggesting a sell-off point before a downturn. It’s historically been used in Bitcoin analysis but, as Kevin demonstrates, it can also apply effectively to Dogecoin. Related Reading: Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow? Kevin’s chart covers several years of the Dogecoin price action, clearly marking past cycle highs and lows where the Pi Cycle Indicator has been accurate. Past cycle highs are circled in the chart during January 2018 and May 2021, which coincide with the crossover of the two MAs and corresponding peaks in price. The current price movement shows a significant upward trajectory, and while the two MAs are converging, they have yet to cross. The chart plots a 1.618 Fibonacci extension level at around $4.00. Kevin writes: “One of my secret indicators for Dogecoin that is traditionally only supposed to work for #BTC is the Pi Cycle tops indicator. It has accurately called every DOGE cycle top and bottom over each of its cycles. When the two moving averages cross along with Monthly RSI being at a certain level that’s when I plan on taking significant portions out of the market. As you can see while the moving averages are now heading in the same direction to eventually cross we’re still not very close to crossing indicating we have a lot higher to go first.” At press time, DOGE traded at $0.38. Featured image created with DALL.E, chart from TradingView.com
With Bitcoin coming close to its record mark again, Dogecoin has jumped 11% on the day to reclaim $0.40 after a few middling days.
Dogecoin has seen a significant uptick in activity over the past few hours as its price begins to rebound following a correction over the weekend. Over the last 24 hours, there has been a notable increase in the number of large DOGE transactions being moved across Dogecoin wallets. These large Dogecoin transactions, typically involving amounts greater than $100,000, are often regarded as an important indicator of a whale or institutional involvement in the market. Although the Dogecoin large transactions could as much be selloffs as they were accumulations, the sheer surge in activity shows a positive trend for the meme coin. Dogecoin Large Transaction Activity Intensifies The recent Dogecoin rally appears to be losing steam following an impressive surge that pushed its price above $0.42 for the first time since the 2021 bull market. A seeming profit-taking trend among traders that rode through the price rally has led to a pullback, bringing the Dogecoin price back below the $0.40 threshold. At the time of writing, the Dogecoin price is currently trading below $0.40, having corrected to a $0.346 low in the past 24 hours. Related Reading: XRP Price Rockets Past $1: On-Chain Data Unveils Key Holder Cohort Behind Breakout The correction has brought about the idea that maybe the Dogecoin price has finally expanded its sentiment among crypto investors. However, on-chain data suggests this might not be the case. Despite the price correction, the Dogecoin blockchain continued to witness a surge in activity. According to data from analytics platform IntoTheBlock, Dogecoin recorded $23.35 billion in Dogecoin’s large transaction volume over the past 24 hours, representing a notable 41.12% increase compared to the previous day. In addition, the blockchain registered 157,190 active addresses during the same period, marking a 34.91% rise. What Does This Mean For DOGE Price? These metrics highlight sustained interest in Dogecoin, even amid its price correction. The sharp increase in Dogecoin’s large transaction volume and active addresses suggests that traders, particularly large holders, remain engaged with the meme coin. Related Reading: Bitcoin Golden Multiplier Ratio: Analyst Says The Party Is Just Getting Started This renewed interest appears to have translated into increased buying pressure, as evidenced by a concurrent price uptick in the past 24 hours. DOGE has risen by approximately 4% during the past 24 hours and is now up 7.4% from its weekend low. Adding to the bullish sentiment, crypto analyst Captain Faibik has pointed out that the Dogecoin price is on the verge of breaking above the upper trendline of a falling wedge pattern. This falling wedge formation has been developing since DOGE’s price peaked at a three-year high of $0.4265 on November 14 and began consolidating. Based on this technical analysis, Captain Faibik predicts that a breakout from the wedge could trigger another rally, pushing Dogecoin’s price up by 25% to reach $0.47 At the time of writing, the Dogecoin price is trading at $0.38. Featured image created with Dall.E, chart from Tradingview.com
The Dogecoin price correction extended throughout the weekend, teasing what might be the steady end of a powerful rally in the previous four weeks. The popular meme-based cryptocurrency dropped to a low of $0.3431, retreating from a recent high of $0.4265. This 19.55% decline has sparked speculation on social media about the sustainability of its gains […]
Dogecoin’s recent significant price surge may have slowed down, leading to a brief price pullback after hitting the $0.42 level. However, the dog-themed meme coin’s rally could only be the beginning, as several crypto analysts predict a possible upswing to new all-time highs, particularly the $1 milestone. $1 Milestone Still Within Reach For Dogecoin? In […]
Dogecoin (DOGE) is consolidating below local highs after an impressive 200% surge over the past two weeks. As the biggest meme coin by market capitalization, DOGE has again captured the spotlight, leading the market with its explosive performance. Top analyst and investor Carl Runefelt recently shared a technical analysis on X, highlighting Dogecoin’s breakout from a bullish pattern. Runefelt emphasized the potential for DOGE to sustain its upward momentum, citing increased demand and positive market sentiment as key drivers. He also shared a short-term price target, suggesting further upside in the coming weeks. Related Reading: Bitcoin Miners Sold Over 3,000 BTC In The Past 48 Hours – Consolidation Phase Ahead? Dogecoin’s ability to rally while consolidating above critical support levels demonstrates its resilience and growing popularity. The coin’s strong market presence, driven by community support and investor interest, positions it as a major contender for continued growth. As DOGE consolidates its gains, the coming days will determine whether it can maintain its momentum and climb higher. With analysts predicting further bullish price action, all eyes remain on Dogecoin as it continues to strengthen the meme coin market. Dogecoin Leading The Meme Coin Fever Meme coins have been standout performers in the past few weeks, with several outpacing traditional altcoins regarding gains and market enthusiasm. Among them, Dogecoin has taken center stage, showcasing impressive growth and sparking euphoric sentiment across the crypto community. Its recent rally has reignited interest in the meme coin sector, with many speculating about the next phase of its bullish momentum. Top analyst and investor Carl Runefelt recently shared a compelling technical analysis on X, highlighting Dogecoin’s breakout from a falling wedge pattern to the upside. This pattern, often seen as a bullish reversal signal, has led Runefelt to set a price target at $0.4385—the top of the wedge. If this projection materializes, DOGE could see an additional 18% rise in the coming days, solidifying its leadership among meme coins. However, despite the optimistic outlook, risks remain. Runefelt noted the possibility of a fakeout, where the breakout could fail, leaving bulls vulnerable as Dogecoin continues its current consolidation phase. This could lead to short-term volatility, with traders closely watching for confirmation of sustained momentum or signs of a potential pullback. Related Reading: Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation For now, Dogecoin’s strong performance and clear bullish pattern make it a key asset to watch, with excitement and caution shaping investor sentiment. DOGE Testing Crucial Levels Dogecoin is trading at $0.371, marking its highest level since May 2021 and signaling a resurgence in bullish sentiment. The price recently retraced from local highs set last Tuesday, yet DOGE appears ready to keep pushing upward as it tests crucial demand levels. These levels are critical for establishing a foundation to fuel a move toward new highs, potentially reigniting excitement among meme coin enthusiasts. The retracement is a healthy pause following DOGE’s impressive rally over the past two weeks. Traders and analysts closely monitor the price action, as a successful hold above these demand levels could act as a springboard for the next leg up. However, caution remains as the broader crypto market looks to Bitcoin and Ethereum for direction. Related Reading: Solana Breaks Above Key Resistance At $225 – ATH Next? The market awaits confirmation of Bitcoin and Ethereum’s continued bullish momentum to solidify the next phase of the broader rally. Without this, DOGE could face further consolidation, leading to sideways trading as investors assess market conditions. Featured image from Dall-E, chart from TradingView
According to Coinbase CEO Brian Armstrong, the planned Department of Government Efficiency, or DOGE, offers incoming President Donald Trump a once-in-a-lifetime opportunity to fix the country’s bloated bureaucracy. Related Reading: Crypto Milestone: Spot Bitcoin ETF Options Get CFTC’s Stamp Of Approval Armstrong shared his views via a Twitter/X post, saying that cutting the government’s size […]
Dogecoin is consolidating gains above the $0.320 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400. DOGE price started a consolidating like Bitcoin and stayed above the $0.320 resistance level. The price is trading near the $0.3750 level and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could continue to rally if it clears the $0.400 and $0.4150 resistance levels. Dogecoin Price Eyes Fresh Surge Dogecoin price started a consolidating phase above the $0.320 zone like Bitcoin and Ethereum. DOGE formed a base above $0.350 and is currently rising. There was a move above the $0.3550 and $0.3620 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. There was also a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading near the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3720 level. The next major resistance is near the $0.3880 level or the 50% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. A close above the $0.3880 resistance might send the price toward the $0.400 resistance. Any more gains might send the price toward the $0.4200 level. The next major stop for the bulls might be $0.500. Are Dips Limited In DOGE? If DOGE’s price fails to climb above the $0.3720 level, it could start a downside correction. Initial support on the downside is near the $0.3650 level. The next major support is near the $0.3500 level. The main support sits at $0.320. If there is a downside break below the $0.320 support, the price could decline further. In the stated case, the price might decline toward the $0.300 level or even $0.2950 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level. Major Support Levels – $0.3650 and $0.3500. Major Resistance Levels – $0.3720 and $0.3880.
President-elect Donald Trump’s new US department has not yet come to life but is already sparking the interest of a US ally in the Asia-Pacific region. The Japanese government shows great interest in how the new US Department of Government Efficiency, or DOGE, will function and how its appointed head Tesla founder Elon Musk would bring […]
Dogecoin, which started as a joke, has long been the undisputed king of meme coins and has garnered a huge following since its creation. In a recent analysis shared on the social media platform X, crypto analyst Master Kenobi presented a compelling case for Dogecoin as a superior cryptocurrency compared to Bitcoin. Exceptional Historical Performance […]
Crypto analyst Trader Tardigrade has revealed that the Dogecoin price has formed a new bullish pennant after the surge to $0.4. The analyst further revealed how high Dogecoin could rise following the formation of this bullish pattern. Related Reading: Trump Crypto Venture Joins Forces With Chainlink To Harness Off-Chain Data Dogecoin Price To Reach $0.9 […]
Crypto analyst John Burr on TradingView has discussed the potential for the Dogecoin price to reach $3 this market cycle. Driven by the positive sentiments from recent political events spearheaded by SpaceX and Tesla CEO Elon Musk, Burr has revealed that Dogecoin can not only reach $3 but could skyrocket to $20. US Politics Could Drive DOGE To $3 According to the TradingView analyst, the Dogecoin price could be preparing for a strong bull run to the $3 target. In his report, Burrs discussed the effects of political changes on the crypto market, underscoring the changes the recent US Presidential elections have had on the Dogecoin price. Related Reading: Analyst Says Bitcoin Has Entered The ‘Thrill’ Phase, Here’s What To Expect Next Based on its price chart, Burr claims that Dogecoin is repeating historical trends which signal an impending bull rally. The analyst also mentioned a correlation to Musk’s Department of Government Efficiency (D.O.G.E), hinting at future government actions or pro-crypto regulations indirectly impacting cryptocurrencies. Moreover, Donald Trump’s upcoming inauguration ceremony as the 47th US President could also trigger the next bullish movement in the crypto market. As a result, Burr predicts that the Dogecoin price could surge to $3 on Inauguration Day. Considering that Dogecoin is trading below the $1 mark, the analyst has acknowledged that his bullish predictions for the meme coin could be wrong. He is focusing instead on the broader crypto bull market. He revealed that the market is currently at the beginning of the bull run, which gives Dogecoin more wiggle room for growth. Burrs has revealed that to some analysts, a $3 price target for Dogecoin may be conservative as they have projected extreme targets around the $40 level by next year. The analyst noted that skeptical crypto experts are unlikely to forecast an ATH beyond $3 for the DOGE price, primarily citing market cap concerns. This suggests that the DOGE market cap will have to exceed that of significant cryptocurrencies, possibly surpassing Bitcoin before it can reach $40. This substantial price and market cap increase appears unattainable, as it would require a sustained, strong demand and investor interest in Dogecoin. However, due to its meme coin status and the frequent occurrence of negative market conditions, maintaining such extensive demand could pose a challenge for Dogecoin, which remains vulnerable to market fluctuations. Related Reading: Bitcoin Volume Crashes 27% As Price Falls, What Does This Say About The Decline? Can The Dogecoin Price Reach $20? In his TradingView post, Burr also highlighted the possibility of the Dogecoin price reaching new highs at $20. The analysts acknowledged his doubts about the feasibility of this ambitious price leap, which stands in sharp contrast to his earlier confidence in the $3 prediction for the DOGE price. A $20 target represents a massive price increase for Dogecoin, which is currently trading at $0.37. Dogecoin will have to experience price gains of about 5,300%, driven by extremely bullish conditions, favorable market sentiment, and widespread adoption. Featured image created with Dall.E, chart from Tradingview.com
A lawsuit claiming that Tesla’s Elon Musk rigged Dogecoin to benefit his company has ended. Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor According to reports, investors who initially claimed that Musk manipulated Dogecoin’s price have withdrawn their complaint. Also, the group is withdrawing its bid to sanction Musk’s lawyers for supposedly interfering with the appeal, including canceling a request to cover their legal fees. The lawsuit alleged that Tesla and Musk influenced Dogecoin’s price through social media posts and public statements. They highlighted Musk’s appearance on Saturday Night Live in 2021, arguing that the Tesla owner made remarks influencing the token’s price, allowing him to profit from these price swings. Elon Musk Public Statements And Stunts ‘Influenced Dogecoin Price’ Investors filed a case against Musk in response to his statements and posts that supposedly influenced the Dogecoin price. The lawsuit highlighted Musk’s presence in NBC’s Saturday Night Live in 2021, where he shared his views on Dogecoin, pushing the token’s price to increase. According to the complainants, Musk manipulated the market to his benefit. They claimed that Musk manipulated the market through postings on Twitter/X, adding the tag “Dogecoin CEO” and using the DOGE symbol as part of his bio. The group alleged that the token’s price surged after Musk commented, including a statement that Tesla will accept Dogecoin as a payment method. The complainants were seeking damages of $258 billion from Elon Musk. Court Dismisses Case Against Tesla CEO The court has already dismissed the case against Tesla and Musk last August. In dismissing the case, US District Judge Alvin Hellerstein argued that the complainants cannot prove securities solely based on Musk’s post on social media. The judge added that Musk’s statement, saying that Dogecoin is the world’s future currency, can be used to buy Tesla, and can “fly to the moon, are considered “aspirational and puffery” and not necessarily factual. In short, Judge Hellerstein explained that no reasonable person should rely on posts to complain about securities fraud. The judge further noted that it would be challenging to show and prove insider trading and market manipulation claims based on posts alone. Related Reading: Bitcoin To $800K? Galaxy Digital CEO Unveils Bold 5-10 Year Forecast Musk And Tesla Officially Withdraw Their Motion Immediately after receiving the fraud and market manipulation complaint, Musk’s team motioned to sanction the group’s lawyers for filing a “frivolous case.” Musk called out the legal team for their ever-changing arguments to extort money. Last Thursday, both sides filed stipulations to dismiss the appeal in a Manhattan court. These requests require Judge Hellerstein’s approval, and upon signature, the cases are officially dismissed. Featured image from DALL-E, chart from TradingView
On-chain data shows the Dogecoin whales have continued to buy recently despite the pullback that the memecoin’s price has suffered. Dogecoin Whales Have Just Added 140 Million DOGE To Their Wallets As pointed out by analyst Ali Martinez in a new post on X, the Dogecoin whales have continued their buying push during the last 24 hours. The indicator of interest here is the “Supply Distribution” from the on-chain analytics firm Santiment, which keeps track of the total amount of DOGE that a given wallet group is holding right now. Addresses are divided into these cohorts based on the number of coins that they are carrying in their balance. The 1 to 10 coins group, for instance, contains all investors who own between 1 and 10 DOGE. Related Reading: Bitcoin Retail Is Finally Back: These Metrics Point To An Explosion In Interest In the context of the current topic, the 10 million to 100 million coins group is of focus. At the current exchange rate, the lower end of this range converts to about $3.7 million, while the upper one to $37 million. These are clearly significant amounts, so the only investors who would qualify for this cohort would be the big-money ones. The group certainly doesn’t include all holders of this kind as the upper limit is ‘just’ $37 million, but it does the contain smaller of the whales, who are still an important part of the DOGE ecosystem. Now, here is the chart shared by the analyst that shows the trend in the Supply Distribution specifically for this Dogecoin group over the past few weeks: From the above graph, it’s visible that the Dogecoin supply held by these whales has been riding an uptrend recently, with a particularly sharp increase coming during the past few days, coinciding with DOGE’s massive rally. Considering this timing, it’s likely that these investors have been helping support the run. In the last 24 hours, the memecoin has seen a reversal in direction, with its price suffering a pullback of around 7% as the cryptocurrency market as a whole has registered a red day. Interestingly, despite the decline, the Supply Distribution for the 10 million to 100 million coins group has continued to head up. In total, these humongous investors have added a net 140 million DOGE to their holdings, worth almost $52 million at the moment. This accumulation naturally suggests that the whales don’t think that the rally is over just yet. Related Reading: Dogecoin & Co. Take Over Social Media: Why Memecoin Frenzy Is Bad For Bitcoin It only remains to be seen, though, whether the positive sentiment from these large investors can induce a fresh surge in Dogecoin, or if their bet would fail this time around. DOGE Price Even though Dogecoin has seen a notable drawdown since its top, the meme coin’s investors would still make significant profits as the asset’s weekly returns sit at a positive 88%. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Another DOGE rally may be imminent after the Dogecoin price flashed a bullish pattern on the hourly chart. This has raised the possibility that it could rally to the psychological $1 price level soon enough. Dogecoin Price Flashes Bull Flag On Hourly Chart In a TradingView post, crypto analyst Skidad revealed that the Dogecoin price […]
The Dogecoin price is currently correcting after two weeks of intense price upticks that saw it reach $0.426 for the first time since its massive 2021 bull run. However, as is normal after such a crazy rally, the Dogecoin price now seems to be undergoing a brief correction as a few holders start taking profits […]
A crypto analyst, identified as ‘Trading Jesus’ on X (formerly Twitter), unveiled the roadmap for the Dogecoin price to reach $1. By highlighting Dogecoin’s resistance and support levels, the analyst has underscored the major hindrance to the meme coin hitting the $1 milestone. Dogecoin Price Roadmap To The $1 Target In his X post, Trading Jesus shared a Dogecoin chart on the 1-hour timeframe showing the support and resistance levels as the Dogecoin price aims for the $1 mark. Currently trading at $0.36, the crypto analyst has indicated that the next resistance level for Dogecoin is $0.44. Related Reading: Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout This crucial level could trigger major selling pressures for the meme coin as investors start liquidating their holdings. However, if Dogecoin can successfully break above the $0.44 level, the meme coin could enter a bullish phase, with its next price high at around $0.56. Trading Jesus has highlighted the $0.56 price increase as a profit-taking level at which traders and investors could begin selling their Dogecoin for potential gains. The analyst has also pinpointed a higher resistance level at $0.73336 if Dogecoin can maintain its bullish momentum above that level. At the $0.73336 resistance level, Trading Jesus has predicted that Dogecoin could see its price surging to the highly coveted $1 milestone. His chart revealed Dogecoin’s next bullish target to be $0.996 if its price continues increasing. On the flip side, Trading Jesus has also shown the support levels for Dogecoin if it fails to break past key resistance levels. The first support at $0.34 represents a crucial level where buyers might step in if the price of Dogecoin drops. This support level ultimately acts as a barrier to prevent more price drops. If Dogecoin declines below the $0.34 support level, the cryptocurrency could experience further downward pressure, leading to a drop towards the $0.25 mark. If more pullbacks occur, Trading Jesus has revealed that the Dogecoin price could bottom to new lows around the $0.18 level. Analyst Remains Bullish Despite DOGE’s 8% Price Decline While analysts foresee the Dogecoin price hitting $1, others have predicted even higher all-time highs for the popular meme coin. A crypto analyst known as the ‘Cantonese Cat’ on X has unveiled a weekly DOGE price chart projecting a potential leap to $4. Related Reading: Crypto Analyst Predicts Major Price Crash For Shiba Inu, But It’s Not All Bad News In the chart, the analyst indicated that Dogecoin is on its way to hitting the $0.42 price level at the 0.786 Fibonacci level. Breaking past this level could trigger a surge towards the 1.618 Fib, representing a price increase above $4.0. The Cantonese cat has revealed that investors and traders likely have three to four weeks to accumulate at Dogecoin’s current price of $0.36 before it shoots up to $4. Featured image created with Dall.E, chart from Tradingview.com
Dogecoin (DOGE) has become one of the most popular cryptocurrencies after a 112% growth in the past week. DOGE leads another meme currency craze with this move, proving it can still steal the show and top the crypto scene. Related Reading: Shiba Inu Price Watch: 60% Rally Catches Whale Attention – Is More Growth Ahead? Memecoins Performing Well According to Santiment data, meme-based cryptocurrencies are doing better than most assets partly because of speculation and the explosion of social engagement on X, Reddit, Telegram and other similar platforms. DOGE has had record bull market gains, reaching 30,700% in 2021. However, parabolic increases often result in strong corrections, like its 80% plunge after its 2017 rally. Dogecoin is approaching major resistance levels that could affect its short-term trend, so traders should be cautious. Dogecoin Price Prediction: How High Can It Go? Taking into account the present pace of market trends and expanding demand, recent estimates indicate that the price of DOGE is anticipated to record an appreciation of 107% over the course of the three-month period, according to data provided by CoinCheckup. Longer-term projections show more modest increase; the price is predicted to rise by 43% over six months and by 31% over a year. This slow stability implies DOGE could keep its increasing speed even when the excitement fades. Crypto Kaleo states that DOGE’s cyclical behavior exhibits a readiness for a breakout. If it breaks its resistance at $0.10, then the price – which is currently at $0.37 – may head all the way up to $0.15 and beyond, just as in its historical patterns of impulsive growth. The support remains strong at $0.075. This level should provide a safety net for investors in case of a pullback. $DOGE From a cyclical perspective, Dogecoin is in the process of making the massive impulse move to new All Time Highs at the early stages of a new bull market that its known for. 200+ days after each $BTC halving, DOGE made swift moves with massive multiples. Even the timing… pic.twitter.com/1iSINqSY3j — K A L E O (@CryptoKaleo) November 13, 2024 Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor What Factors Are Propelling Dogecoin’s Momentum? The rally of DOGE corresponds with an increase in social dominance, as Santiment research indicates that meme-related debates are prevalent in cryptocurrency forums. This increase in community engagement highlights the speculative characteristics of the current market while also indicating a revitalized retail presence. An increase in trade activity strengthens the narrative for continued momentum in the near term. Dogecoin’s rise in value shows that it will remain famous and be appealing to investors. As the memecoin gets closer to important resistance levels, traders need to be careful and use a mix of hope and caution. Featured image from WSJ, chart from TradingView
The “DOGE” department proposed by Elon Musk could allow the Tesla CEO to divest many of his assets and defer paying taxes.
Bitcoin is witnessing a shallow pullback, but bulls still anticipate a rally toward $100,000 in the short-term.
A federal judge in Manhattan had previously ruled that Elon Musk’s public Dogecoin statements were “aspirational and puffery.”
Tesla CEO Elon Musk is often associated with Dogecoin after the businessman mentioned the memecoin on various channels in 2021.
A lawsuit alleging that Elon Musk manipulated the price of Dogecoin is drawing to a close, as investors have decided to withdraw their appeal against a dismissal issued on August 29. This case centered on accusations that Musk, one of the world’s richest individuals, and his electric vehicle company, Tesla, engaged in fraud and insider […]
With Dogecoin reaching new levels of political and cultural relevance, experts are throwing out old assumptions about DOGE's potential peak.
Dogecoin (DOGE) has recently experienced a staggering rally. Over the span of eight days, DOGE surged nearly 200%, reaching a local peak at $0.4385 on Tuesday. This explosive growth propelled the daily Relative Strength Index (RSI) to almost 93, signaling strongly overbought conditions. Since then, the Dogecoin price corrected by 19%, trading at $0.37 as of press time. However, according to crypto analyst Kevin (@Kev_Capital_TA), who has gained significant attention on X for his Dogecoin price analyses, the correction phase may not be over yet. In a series of updates, Kevin addresses how low Dogecoin can go before resuming its upward trajectory. How Low Can Dogecoin Go? “My first price target and a level we will want to hold for Dogecoin is the $0.30-0.26 range, which is the golden pocket retrace levels,” Kevin stated. “That’s a 30-40% correction from the local top, which in a bull market is a perfect size correction.” Related Reading: Buy Dogecoin Now Or Wait? Analyst Points To Key Technical Indicator Kevin further explained the significance of RSI levels in predicting market movements. “A healthy 1-3 week correction/consolidation to cool off indicators would be the most beneficial thing that can happen to Dogecoin. Happened multiple times on the way up in 2020-2021,” he noted. “My opinion still remains this occurs soon based off the technical data I am looking at.” Drawing parallels to the previous bull market, he added: “Back in the 2020-2021 bull market for Dogecoin, it hit a 90+ on daily RSI three times, each time marking a local top or consolidation period before the next leg up. We just hit 90+ on the daily RSI for the first time, signaling that we potentially have 1-2 more legs up remaining in this bull market before we find the macro top. PS: The second and third legs were both bigger than the first leg.” On the lower time frames, the Dogecoin price action formed a symmetrical triangle, a chart pattern often associated with periods of consolidation that precede significant price movements. Kevin observed: “Tracking this weird Dogecoin symmetrical triangle. Honestly a 50/50 which way this breaks. I still favor the correction due to daily RSI being 90+.” The symmetrical triangle can serve as either a continuation or a reversal pattern, depending on market conditions. For the Dogecoin price, the breakdown from the triangle aligns with Kevin’s expectation of a correction due to overbought RSI levels. Related Reading: Dogecoin Outperforms Bitcoin: Bloomberg Expert Explains Why To estimate the potential magnitude of the price drop following the breakdown from the symmetrical triangle, traders measure the height of the triangle’s base—the widest part of the formation. This measurement is then projected downward from the point of breakdown, providing a target for the price movement. Applying this method to Dogecoin suggests a correction towards the $0.28 price level, which aligns closely with Kevin’s analysis targeting the $0.30-$0.26 range. “Looks like the correction I have been calling for the last couple of days is beginning on Dogecoin,” Kevin confirmed after observing the market movement. “Can’t go straight up, folks. Dips are healthy and reset the indicators so we can go higher. Hopefully nobody gets mad at me anymore for delivering the truth.” As of press time, Dogecoin is trading at approximately $0.37, having retraced about 19% from its local top. The price appears to have found temporary support at $0.35, but with the daily RSI only resetting to 80—still in overbought territory—a continuation of the correction cannot be ruled out. “A healthy 1-3 week correction/consolidation to cool off indicators would be the most beneficial thing that can happen to Dogecoin,” Kevin reiterated. “Happened multiple times on the way up in 2020-2021. My opinion still remains this occurs soon based off the technical data I am looking at.” Featured image created with DALL.E, chart from TradingView.com
Data shows Dogecoin and other meme coins are receiving a significant amount of attention on social media, a sign that may not be ideal for Bitcoin. Top 6 Memecoins Have Seen Their Social Dominance Rocket Up Recently In a new post on X, the analytics firm Santiment has discussed about the trend in the Social Dominance for a few different subsections of the cryptocurrency sector. The “Social Dominance” here refers to an indicator that basically tells us about the mindshare that a particular asset or a group of coins has on the major social media platforms right now. Related Reading: Bitcoin Sets Record $93,000 High As Extreme Greed Level Hits 84 More formally, the metric’s value is calculated as a percentage of the discussions related to the top 100 cryptocurrencies by market cap that the given asset is making up for. To determine this, the indicator collects posts/threads/messages available on five platforms: X, Reddit, Telegram, 4Chan, and BitcoinTalk. It then filters them for the keyword in question. Note that for measuring the “discussion,” the metric simply counts up these posts containing at least one mention of the asset, rather than counting up the mentions themselves. The advantage of this methodology is that outlier posts containing hundreds of mentions don’t skew the data. Now, here is the chart shared by the analytics firm that shows how the Social Dominance related to three subsections of the market has changed over the last few months: The three segments in question are the layer 1 top six, the layer 2 top six, and the memecoin top 6. “Layer 1” networks refer to the primary blockchains that handle their own security, like Bitcoin and Ethereum. Networks like Polygon that are built on top of these chains are known as “layer 2.” Naturally, the meme coins refer to the popular meme-based tokens, like Dogecoin and Shiba Inu. From the graph, it’s apparent that the Social Dominance of the layer 1 top 6 had rocketed up a couple of days back as a result of Bitcoin setting multiple new all-time highs (ATHs). BTC has continued to explore new highs since then, but it appears that the focus of social media users has shifted elsewhere, with the Social Dominance of the layer 1 giants witnessing a cooldown. The indicator has stayed relatively low for the layer 2 coins throughout this, implying the traders haven’t been caring much about them recently. The assets that have hogged all the attention have been the memecoins, who have just seen their discussion hit a new record. The reason behind this high interest in these tokens is the impressive rally that Dogecoin has seen over the past week, leaving the rest of the sector in the dust after amassing profits of more than 104%. If the past is anything to go by, though, this outperformance may not be such a good thing. “Historically high speculative asset social dominance typically indicates greed and emotional trading,” notes Santiment. Assets in the cryptocurrency sector tend to move opposite to the crowd’s beliefs, so greed is something that has generally led to tops for the market. Related Reading: XRP NVT Ratio Has Been High Recently: What It Means As such, it’s possible that a shift in focus away from Dogecoin may have to happen, if Bitcoin and others have to continue their bull run. Dogecoin Price At the time of writing, Dogecoin is trading around $0.398, up over 2% in the last 24 hours. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Dogecoin and Solana are two of the largest cryptocurrencies by market cap and are closely positioned within the top ranks of the market, with only BNB separating them. Both cryptocurrencies have seen their respective market caps increase massively in the past 30 days. At the time of writing, Solana has a market cap of $104 […]
Dogecoin in the past few weeks has displayed immense price strength breaking past crucial resistance levels, sparking optimism about its short-term performance. However, this upward momentum could be poised for notable price swings as a crypto analyst has predicted pullbacks in the upcoming days. Historical Trends Puts Dogecoin Investors On A Bumpy Ride Ali Martinez, […]