The cryptocurrency market has been running through a period of consolidation over the past seven days, with notable corrections observed in both Bitcoin and Dogecoin. Bitcoin, after hitting an all-time high of $108,135 on December 17, has seen a retracement towards $93,000. Similarly, Dogecoin has faced pressure, dipping from its recent highs near $0.48 to settle just above $0.30 at the time of writing. According to technical analysis of both cryptocurrencies, an interesting correlation has emerged that points to Dogecoin surging to $5 in the next few months. The 800-Day Trend: A Case For Dogecoin’s Correlation With Bitcoin Bitcoin and Dogecoin have one of the biggest correlations among cryptocurrencies, particularly during market cycle transitions. Bitcoin has always led inflows and outflows into the crypto market, and Dogecoin has historically mirrored its price trends very closely. Related Reading: Doji Formation On Bitcoin Chart Suggests BTC Could See 2 Months Of Upside In The New Year As pointed out by a crypto analyst on social media platform X, these patterns often extend beyond immediate price movements. For example, the number of days between Bitcoin’s cyclical bottoms and Dogecoin’s subsequent peaks has shown a consistent rhythm. Particularly, technical analysis shows that there’s been a consistent pattern of approximately 800 days between Bitcoin’s bottom and Dogecoin’s next major peak. The historical data supporting this theory is compelling. This first time this pattern showed up was in 2017, when the Dogecoin price peaked 868 days after Bitcoin’s bottom of the preceding bear phase in 2015. Again, the 2021 bull rally exhibited this same phenomenon, with Dogecoin peaking at its current all-time high of $0.7316 875 days after Bitcoin’s bottom in 2019. What Lies Ahead For Dogecoin Price? The ongoing market cycle appears to be following a similar trajectory. Bitcoin reached its most recent bottom at $15,422 during the first half of 2023, following a long bear market that saw significant declines across the crypto industry in 2022 and early 2023. Since then, Bitcoin has entered a new bullish phase, gaining momentum in the second half of 2023 and throughout 2024. Related Reading: El Salvador Bitcoin Buying Spree Continues, BTC Holdings Now At 6,000 Keeping in mind the 800-day trend, Dogecoin’s next major peak could align with a timeline of approximately 800 days from Bitcoin’s 2023 bottom. This projection places Dogecoin’s potential peak around March or April 2024. In terms of price targets, the analysis provides an optimistic outlook for Dogecoin. Based on historical price performance and the scale of previous rallies, a price of $5 has been identified as a realistic target for Dogecoin around the projected timeline. At the time of writing, Dogecoin is trading at $0.32, down by 1.8% in the past 24 hours. If this trend repeats itself, Dogecoin’s price could soar by 1,460 % from its current levels to new all-time highs. While this seems ultra bullish, it pales in comparison to other predictions of Dogecoin price peaks. Several analysts have speculated that Dogecoin could hit as high as $20 in 2025. Featured image created with Dall.E, chart from Tradingview.com
The Dogecoin price action over the past three weeks has been characterized by notable corrections and consolidations alongside the rest of the crypto market. Nonetheless, the enduring bullish sentiment surrounding the meme coin suggests that it may be on track to undergoing a significant upward movement very soon. Recent remarks from crypto analyst Javon Marks […]
Crypto analyst Master Kenobi has provided insights into the current Dogecoin price action while making reference to the Bitcoin halving and previous cycles. Using these metrics, the analyst revealed what phase of the bull Dogecoin is currently in and what next to expect for DOGE. What Next For Dogecoin Price Based On Bitcoin Halving And […]
Dogecoin has often demonstrated its ability to defy expectations and go on notable price surges from time to time. The most notable of these rallies was the 2021 rally, which saw Dogecoin peaking at its current all-time high. However, the best might be yet to come, as technical analysis suggests that Dogecoin is still on […]
The Dogecoin price has continued its decline over the past two weeks into the last 24 hours. Particularly, Dogecoin has yet to start a notable momentum above the $0.30 threshold, although it has largely held up above $0.31. Amidst this price decline, the Relative Strength Index (RSI) indicator has relayed a similar decline, which was […]
The Dogecoin and Shiba Inu prices have crashed in the last 24 hours as the broader crypto market correction continues. This price crash is due to several developments, including the holiday season, with several traders choosing to stay out of the market during this period. Why The Dogecoin And Shiba Inu Prices Crashed CoinMarketCap data […]
Dogecoin revisited the $0.30 support zone against the US Dollar. DOGE is now consolidating and might gain traction if it clears the $0.3165 resistance. DOGE price started another decline and traded toward the $0.300 level. The price is trading below the $0.320 level and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could gain momentum if it clears the $0.3165 and $0.320 resistance levels. Dogecoin Price Revisits Support Dogecoin price started a fresh decline from well above $0.3350 like Bitcoin and Ethereum. DOGE traded below the $0.3250 and $0.320 support levels. It even spiked below $0.3120. A low was formed at $0.3081 and the price is now consolidating losses. It recovered some points and climbed above $0.3150. It tested the 23.6% Fib retracement level of the downward move from the $0.3427 swing high to the $0.3081 low. Dogecoin price is now trading below the $0.320 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3165 level. There is also a connecting bearish trend line forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair. The first major resistance for the bulls could be near the $0.3250 level or the 50% Fib retracement level of the downward move from the $0.3427 swing high to the $0.3081 low. The next major resistance is near the $0.3295 level. A close above the $0.3295 resistance might send the price toward the $0.350 resistance. Any more gains might send the price toward the $0.3680 level. The next major stop for the bulls might be $0.40. Another Decline In DOGE? If DOGE’s price fails to climb above the $0.3165 level, it could start another decline. Initial support on the downside is near the $0.3120 level. The next major support is near the $0.3080 level. The main support sits at $0.30. If there is a downside break below the $0.300 support, the price could decline further. In the stated case, the price might decline toward the $0.2850 level or even $0.2620 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.3080 and $0.3000. Major Resistance Levels – $0.3165 and $0.3250.
The Dogecoin price is replicating a bullish fractal from 2021, signaling the potential for a price breakout to new highs. A crypto analyst has shared a price chart comparing this historically recurring fractal to Dogecoin’s current trajectory, predicting a massive surge to new all-time highs by January. Historical Fractal To Trigger Dogecoin Price Rally Above […]
The Dogecoin price is currently trading within a bearish setup as it continues to undergo correction following a remarkable price surge in the past two months. Nonetheless, technical analysis suggests that the leading meme coin is still trading in a bullish setup on the larger timeframe. In a technical analysis of Dogecoin’s price movement on […]
While widespread liquidations would be expected from the recent DOGE price crash, Dogecoin whales have embraced the downturn as a prime opportunity. Viewing the dip as a chance for a low market entry, these whales now purchase Dogecoin in large volumes, with the latest transactions recording a 270 million buy. Dogecoin Whales Scoop Up 270 […]
Crypto analyst Trader Tardigrade has highlighted an interesting development in the Dogecoin price movement as it starts to trade within a range. According to technical analysis by the crypto analyst, Dogecoin is currently in a manipulation phase. Interestingly, he noted that the king of meme coins has been following the Power of Three (PO3) pattern […]
A crypto analyst, known as ‘CryptoSanders9563’, disclosed in a report on TradingView that the Dogecoin price has broken out of a symmetrical triangle pattern. This technical pattern, signaling a bullish continuation for Dogecoin, is expected to trigger a price surge to a new target above $0.375. Symmetrical Triangle To Drive Dogecoin Price Above $0.37 CryptoSanders has shared a Dogecoin price chart, showing a symmetrical triangle pattern formed by converging trendlines. According to the TradingView analyst, Dogecoin’s price broke above the symmetrical triangle’s upper trendline at approximately $0.316, confirming a bullish breakout and signaling a potential surge to a new price target above $0.375. Related Reading: Bitcoin Price Can Recover To $107,000 Again If This Important Level Is Broken A symmetrical triangle is a chart pattern that signals a period of consolidation before a price breakout. When the price of a cryptocurrency experiences a breakout from this pattern, it often indicates the start of a new trend or a continuation of a former trend. As a result, breaking out of the lower trendline marks the beginning of a bearish phase and vice versa. CryptoSanders has revealed that Dogecoin’s price breakout is accompanied by continued price action above critical moving averages, further strengthening its bullish setup. At the time of the analyst’s report, the Dogecoin price was trading above the 50 Exponential Moving Average (EMA) and the 200-EMA. These two moving averages are critical indicators that suggest a continued upward momentum in the Dogecoin price. The TradingView analyst has surmised that converging both moving averages could be a dynamic support for Dogecoin, potentially fortifying its upside momentum. Following the recent breakout from the symmetrical triangle pattern, the analyst has pinpointed $0.375 as Dogecoin’s next significant resistance level. This price point is also a psychological level for Dogecoin, triggering profit-taking for investors. If the Dogecoin price can break above the $0.375 resistance level, it could trigger a more substantial price rally to new highs. However, a failure to breach this level could catalyze another downtrend, potentially pushing Dogecoin’s price to the $0.306 support level. Dogecoin Trade Setup and Strategy While sharing his optimistic projection for Dogecoin’s price trajectory, CryptoSanders also outlined a well-defined trade strategy for investors looking to capitalize on this symmetrical triangle breakout. Related Reading: XRP Price Prediction: Wave 2 And 5 Targets Put XRP At $7 And $13 The analyst pinpointed an entry zone at the $0.316 price level after the confirmation of the breakout. A stop loss of $0.306 has been set to mitigate downside risk and avoid financial loss in the event of a failed breakout. Furthermore, the previously projected target of $0.375 has been reaffirmed as the primary profit-taking zone, coinciding with the highlighted resistance area on the chart. CryptoSanders has revealed that this trade setup offers a favorable risk-to-reward ratio. Investors can potentially earn a significant profit as long as the price of Dogecoin holds above the breakout level and the stop loss is respected. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Ali Martinez has indicated that there is a looming parabolic rally for the Dogecoin price. Martinez predicted that the foremost meme coin could rally above $1 and reach as high as $20 if history repeats itself. Dogecoin Price Set For Rally Above $1 In an X post, Ali Martinez shared an accompanying chart […]
Dogecoin dived toward the $0.2620 support against the US Dollar. DOGE is now recovering losses and might gain traction if it clears the $0.3350 resistance. DOGE price started a recovery wave above the $0.30 level. The price is trading above the $0.320 level and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could gain momentum if it clears the $0.3350 and $0.350 resistance levels. Dogecoin Price Recovers Ground Dogecoin price started a fresh decline from well above $0.3550 like Bitcoin and Ethereum. DOGE traded below the $0.3350 and $0.320 support levels. It even spiked below $0.280. A low was formed at $0.2613 and the price is now recovering losses. It recovered some points and climbed above $0.300. It tested the 23.6% Fib retracement level of the downward move from the $0.4095 swing high to the $0.2613 low. There was a break above a connecting bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.320 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3350 level. The first major resistance for the bulls could be near the $0.3520 level or the 61.8% Fib retracement level of the downward move from the $0.4095 swing high to the $0.2613 low. The next major resistance is near the $0.3750 level. A close above the $0.3750 resistance might send the price toward the $0.3880 resistance. Any more gains might send the price toward the $0.40 level. The next major stop for the bulls might be $0.4120. Another Decline In DOGE? If DOGE’s price fails to climb above the $0.3350 level, it could start another decline. Initial support on the downside is near the $0.30 level. The next major support is near the $0.2850 level. The main support sits at $0.2620. If there is a downside break below the $0.2620 support, the price could decline further. In the stated case, the price might decline toward the $0.250 level or even $0.2320 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 – $0.3000 and $0.2850. Major Resistance Levels – $0.3350 and $0.3500.
Recent price movements suggest a potential resurgence of Dogecoin’s upward momentum in the midst of growing volatility within the general crypto market. As a result, several crypto analysts continue to display robust confidence in the dog-themed meme coin’s upside trajectory toward higher levels. A Rally For Dogecoin Just Around The Corner? Despite prevailing bearish market […]
Crypto analyst Behdark has provided an in-depth analysis of the Dogecoin price roadmap to its current all-time high (ATH) of $0.75. In his analysis, he explains why Dogecoin could still witness a significant correction before it rallies to its current ATH. Dogecoin Price Next Wave Is Bearish In a TradingView post, Behdark stated that the Dogecoin price seems to be entering wave F, which is a bearish wave. The crypto analyst noted that the previous corrective waves of this diametric lasted between 196 and 347 days, so this wave F is also expected to last between 196 and 347 days. Related Reading: Bitcoin $178K Target In Sight? Analyst Highlights Bollinger Band Retest Mirroring Jan. 2024 Rally The analyst’s accompanying chart showed that the Dogecoin price could drop to as low as $0.15 on this wave F corrective move. Similar to waves B and D, the analyst remarked that this corrective wave is expected to be highly volatile. Based on the 196 to 347-day timeline, this corrective wave might not end until sometime in November 2025. Once the corrective wave F is done, the Dogecoin price will transition to wave G. Behdark stated that Wave G will be a bullish wave that might lead to a new ATH. The accompanying chart showed that Dogecoin could reach around $0.8 on this impulsive move to the upside. However, the much-anticipated psychological $1 price level could still elude the foremost meme coin. Meanwhile, the crypto analyst added that a weekly candle below the invalidation level at $0.12 would invalidate the buy outlook for the green zone between $0.15 and $0.20. Behdark’s analysis provides a completely different perspective for the Dogecoin price, considering that crypto analysts like Trader Tardigrade have predicted that the meme coin could rally to double digits before mid-2025. Behdark’s analysis also suggests that the Dogecoin price is unlikely to reach $1 in this market cycle, a target market participants have set their eyes on since the meme coin began its parabolic rally between October and November. Four-Year Cycle Still In Play Crypto analyst KrissPax provided a more bullish outlook for the Dogecoin price, stating that the four-year cycle is still in play. The analyst cited a historical pattern in which Dogecoin took off in January 2021 after an uptrend in late December 2020. He then raised the possibility of this historical trend repeating itself again. Related Reading: XRP Battles Critical $2.20 Support Level — Will It Target $2.70 Or Slip To $1.96? Crypto analyst Master Kenobi had before now also suggested that a Dogecoin price rebound was likely in January 2025 as he alluded to the historical pattern in the 2021 bull run. The crypto analyst believes that Dogecoin could reach a new ATH around Donald Trump’s inauguration, especially with the Department of Government Efficiency (D.O.G.E) coming to life when Trump takes office. At the time of writing, the Dogecoin price is trading at around $0.31, down almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The 24-hour Dogecoin price action has been highlighted by a range between $0.3049 and $0.3229 as both the bulls and bears work to break into either side. As the cryptocurrency continues to struggle with price corrections on the short-term timeframe, technical analysis of a wider timeframe shows a bullish structure that would lead to a […]
Like many other cryptocurrencies, Dogecoin’s price action in the past week has been highlighted by a notable correction. Dogecoin, in particular, saw its price break below $0.3 for the first time in four weeks, leading to a bottom below $0.27. Related Reading: Fed Can’t Hold Bitcoin, No Plans Yet To Change Law, Powell Says According […]
Recent price action in the past two days saw the Dogecoin price breaking below supports at both $0.4 and $0.3 in quick succession to eventually reverse after a quick break below $0.27 in the past 24 hours. Since then, the meme coin appears to be gaining momentum, with a little-known yet significant indicator pointing to […]
Crypto analyst Dima James has again raised the possibility of the Dogecoin price rallying above $10 in this market cycle. The crypto analyst alluded to historical data to show how high DOGE could go in this bull cycle. How High Dogecoin Price Could Go In This Market Cycle In an X post, Dima James shared a chart that showed that the Dogecoin price could reach as high as $80 in this market cycle. The analyst also predicted that the cycle top for Dogecoin could happen sometime between February 11th and May 7th, 2025. The analyst alluded to historical data to explain why he is confident that Dogecoin could reach this target. Related Reading: XRP Price Crash: Analyst Says Don’t Get Distracted As RSI Is Still Above A Bullish 50% Analyzing the daily chart, the crypto analyst explained that year 4 is typically the final year of each cycle, which is when the Dogecoin price has peaked every single time. He highlighted an indicator on the chart that has accurately predicted every single Bitcoin top. The analyst noted that Dogecoin tends to peak three to four weeks after Bitcoin reaches its top. In line with this, the analyst predicts that the cycle top for Dogecoin will happen sometime between February 11th and May 7th. Meanwhile, discussing the four-year cycle more, Dima James noted that the Dogecoin price had an impressive performance in this cycle’s year 3 (2024) compared to the year 3s of the previous cycles (2016 and 2020). He further reaffirmed his prediction that the Dogecoin price will finish this year at $0.31, marking the meme coin’s best year 3 performance to date. Year 4 has historically been the most significant year for Dogecoin, and Dima James expects a similar or even greater result in 2025, with Dogecoin outperforming its previous year 4 cycle performances. The analyst believes this will happen due to increased adoption and technological advancements. DOGE Has Found A Local Bottom In an X post, crypto analyst Trader Tardigrade mentioned that the Dogecoin price may have found a local bottom. The analyst explained that there is a Doji Dragonfly hitting the Fibonacci level of 0.618 on the daily chart. He further noted that DOGE showing price rejection at this level indicates a potential bottom found. Related Reading: Here’s Why The Bitcoin Price Continues To Hold Steady Between $96,000 And $98,000 The crypto analyst recently mentioned that the Dogecoin price was stuck in a range. He predicted that a break above this range could send Dogecoin to the $1 psychological level. In another X post, Trader Tardigrade stated that Dogecoin had entered the Gaussian channel on the daily chart. The crypto analyst added that the Dogecoin price has halted its downtrend at the channel’s mid-band, highlighting the Gaussian Channel’s supportive nature. In line with this, Trader Tardigrade suggested that Dogecoin is ready for a bullish reversal. At the time of writing, the Dogecoin price is trading at around $0.33, up over 12% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Days back, Dogecoin, the largest dog-themed meme coin, witnessed a notable setback, causing a sharp drop in its price to critical support levels. Despite the recent waning performances, several key developments suggest that DOGE might be preparing for its next major rally to new heights in the short term. A Robust Rally To Higher Levels […]
Crypto analyst Trader Tardigrade has provided insights into the current Dogecoin price action. The analyst revealed that Dogecoin is currently stuck in a range amid the recent crypto market crash and suggested what could happen if the foremost meme coin breaks out of this range. Dogecoin Price Stuck In A Range, What Could Happen Next? […]
The entire crypto market has been riddled with a notable decline in the past 24 hours, led by Bitcoin’s break below the $100,000 price level again. Dogecoin wasn’t left out of this decline, which saw its price crashing by almost 15% and eventually reaching below $0.31. However, technical analysis suggests that this price decline is very natural in Dogecoin’s current trajectory. This technical analysis offers a silver lining for Dogecoin enthusiasts, as it frames the pullback as a natural phenomenon within the broader ongoing bull cycle. Weekly Golden Cross And Its Implications For The Dogecoin Price Crypto analyst Kevin (Kev_Capital_TA) took to the social media platform X to highlight the significance of Dogecoin’s weekly golden cross amidst the ongoing market downturn. According to Kevin, Dogecoin experienced a weekly golden cross back in early November, coinciding with the US election period. Historically, such technical indicators signal strong bullish momentum to the upside. However, Kevin noted that the current pullback aligns with past patterns where Dogecoin underwent significant corrections following golden crosses. Related Reading: Bitcoin Price Crash Below $100,000 Not The End As Analyst Predicts Another 52% Jump He pointed out that in previous cycles, Dogecoin faced three separate 50% corrections on its path to conclude at a cycle top. This historical behavior provides context for the recent crash to $0.31, which, according to Kevin, is a typical bull market pullback. He emphasized that this kind of retracement is not only expected but also essential for maintaining the market’s bullish structure. Support Levels And The Golden Pocket Zone Kevin’s technical analysis further looks into Dogecoin’s key support levels that could determine the meme coin’s next move. To get these support levels, he outlined the macrostructured support zone and the golden pocket, which is a Fibonacci retracement zone widely regarded as a strong support area. Based on his assessment, a 45% correction from Dogecoin’s recent high would align with these levels and could set the stage for a resumption of the uptrend. Related Reading: Dogecoin Trading Volume Rises Over $6.5 Billion As Liquidations Cross $31 Million, What’s Going On? With that in mind, the recent Dogecoin price high is just around $0.48, a price point that it achieved in early December. Should Dogecoin tap into this golden pocket zone without closing below the $0.26 level on a weekly basis, this should be enough to keep the bullish market structure intact. However, breaking below support at $0.26 could spell trouble for Dogecoin, and cause a shift in its price trajectory in the broader trend. At the time of writing, Dogecoin is trading at $0.3179, marking a steep 12% decline in the past 24 hours and an even more significant 22% drop over the past seven days. This recent decline places Dogecoin at its lowest level since early November, breaking below the $0.35 threshold for the first time in over a month. Nevertheless, the $0.26 support level will remain a focus in determining whether Dogecoin’s bull run is still valid. Featured image created with Dall.E, chart from Tradingview.com
Dogecoin started a major decline below the $0.3550 support against the US Dollar. DOGE is now consolidating and might struggle to recover above the $0.350 resistance. DOGE price started a fresh decline below the $0.3650 level. The price is trading below the $0.3550 level and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $0.3550 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could struggle to start a fresh increase above the $0.3550 and $0.3650 resistance levels. Dogecoin Price Dips Sharply Dogecoin price started a fresh decline from well above $0.400 like Bitcoin and Ethereum. DOGE traded below the $0.380 and $0.3650 support levels. It even spiked below $0.320. A low was formed at $0.30 and the price is now consolidating losses. It recovered some points and climbed above $0.320. It tested the 23.6% Fib retracement level of the downward move from the $0.4096 swing high to the $0.300 low. Dogecoin price is now trading below the $0.3550 level and the 100-hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $0.3550 on the hourly chart of the DOGE/USD pair. Immediate resistance on the upside is near the $0.3250 level. The first major resistance for the bulls could be near the $0.340 level. The next major resistance is near the $0.3550 level or the 50% Fib retracement level of the downward move from the $0.4096 swing high to the $0.300 low. A close above the $0.3550 resistance might send the price toward the $0.3650 resistance. Any more gains might send the price toward the $0.380 level. The next major stop for the bulls might be $0.40. More Losses In DOGE? If DOGE’s price fails to climb above the $0.3550 level, it could start another decline. Initial support on the downside is near the $0.3050 level. The next major support is near the $0.3050 level. The main support sits at $0.30. If there is a downside break below the $0.30 support, the price could decline further. In the stated case, the price might decline toward the $0.280 level or even $0.2620 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.3050 and $0.3000. Major Resistance Levels – $0.3400 and $0.3550.
The Dogecoin price has been stuck in a state of correction and consolidation since the first week of December after a crazy multi-week rally that saw it peaking just below the $0.48 price level. Recent price action in the past 24 hours and seven days has been riddled by declines, with the RSI indicator reflecting […]
The Dogecoin trading volume has surged in the last 24 hours, and liquidations have also risen during this period. The surge in these metrics has resulted from the significant price drop for Dogecoin, which is down over 5% in the last 24 hours. Dogecoin Trading Volume And Liquidations Witness Significant Spike CoinMarketCap data shows that Dogecoins’s trading volume is up over 57% in the last 24 hours, with over $6 billion traded during this period. Meanwhile, Coinglass data shows that Dogecoin’s liquidations have crossed $31 million, with $25 million and $5.8 in long and short positions liquidated, respectively. Related Reading: XRP Price Ready To Run To $11 ATH? Alternative Larger Metrics Show The Answer Long positions took the most hit as the Dogecoin price crashed below the $0.4 range. This development came following Jerome Powell’s speech, which painted a bearish picture for the foremost meme coin. As crypto analyst Kevin Capital revealed, Dogecoin’s technical indicators were already bearish, and the macroeconomic fundamentals only did more damage. Powell suggested that the US Federal Reserve will likely pause on the rate cuts next year, which immediately sparked a bearish sentiment among traders and led to a wave of sell-offs. This contributed to the spike in trading volume, as investors looked to offload their coins, considering how the Fed being hawkish is bearish for risk assets like Dogecoin. However, Kevin Capital believes that traders are overreacting to Jerome Powell’s speech. The crypto analyst believes that Dogecoin will recover this price correction, stating that the dip will be bought. However, it is worth mentioning Dogecoin’s correlation with Bitcoin, as Kevin Capital had previously pointed out that DOGE’s next move will depend on BTC. The Bitcoin price has dropped below the $100,000 psychological price level and looks bearish at the moment. As such, the Dogecoin price recovery is unlikely to happen until Bitcoin witnesses a bullish reversal. Increased Volatility Is Not Unusual Crypto analyst Master Kenobi also commented on the Dogecoin price drop, stating that increased volatility at this stage of the bull market is not unusual. However, the analyst suggested that traders should avoid being shaken out and instead hold on to their positions. This came as he claimed that market makers who will inject money into the market would prefer for market participants to walk away with a 90% loss rather than a 10x gain. Related Reading: Cardano Price Eyes Recovery Toward $2 As Million-Dollar Whale Transactions Explode On The Network Bitcoinist recently reported that Dogecoin’s sentiment has turned negative once again, indicating that DOGE holders may be looking to sell their coins even at a loss. Kevin Capital had before now stated that the Dogecoin bull run is far from over, suggesting that there was no need to be bearish at the moment despite the price correction. He advised long-term holders just to sit back and wait for higher prices. At the time of writing, the Dogecoin price is trading at around $0.36, down over 5% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Two days ago, a crypto analyst accurately forecasted a Dogecoin price crash, which has since taken place. According to the analyst’s latest projections, Dogecoin is poised for a steeper decline, with an anticipated 30% crash from its current trading price. Analyst Forecasts 30% Price Crash The Dogecoin price has crashed to $0.35, marking a substantial 14% decrease over the past seven days. Earlier this month, Dogecoin was trading above $0.4 after experiencing a sharp rise driven by the positive market sentiment fueled by Donald Trump’s victory in the US Presidential elections. Related Reading: Bitcoin Price Still Mirroring Bullish Move From 2023, What To Expect After Hitting $108,000 ATH A TradingView crypto analyst, known as the ‘MMBTrader’ who accurately predicted Dogecoin’s recent price crash, has now updated his forecasts to warn of further potential declines. The analyst shared a chart, analyzing Dogecoin’s price action and potential future movements. Currently trading above $0.3, the DOGE price is slowly approaching a critical resistance, illuminated by the red zone at the $0.438 level. The red arrow on the chart illustrates a potential short-term correction, set to trigger a Dogecoin price crash to the central support zone near the $0.25 mark. This substantial price drop would indicate a 30% decline from Dogecoin’s current price. Additionally, the analyst suggests that this projected price crash is a retracement, aligning with 0.618, the Fibonacci level indicated on the chart. The TradingView analyst has also revealed that if the Dogecoin price can establish strong support at the $0.25 level, it could confirm a bullish trend continuation. Such a development could pave the way for a potential Dogecoin price rally in the near term. Moving ahead, the green arrows in the analyst’s DOGE price chart represent the next potential phase pump. The analyst has predicted that a solid rebound from the $0.25 support level could trigger a new bullish phase for Dogecoin. Additionally, he projects a new bullish target towards the $0.75 area for Dogecoin, marking a significant leap to new price highs. Overall, the TradingView analyst has pinpointed $0.45 as the level to watch out for. Although a drop to $0.25 would mark a 30% crash for Dogecoin, a potential surge to $0.75 would represent a 115% price increase. Dogecoin Price Breakout To $1 Sighted While Dogecoin faces volatility and declines, Trader Tardigrade, a prominent crypto analyst, has expressed confidence regarding the meme coin’s potential shift to the upside. According to the analyst, Dogecoin is currently moving in a defined range between $0.33 and $0.49, highlighted by the purple rectangle in the price chart. Related Reading: XRP Price Ready To Run To $11 ATH? Alternative Larger Metrics Show The Answer Looking at the chart, this range represents a period of consolidation during which the price of Dogecoin appears to fluctuate between resistance and support zones. The analyst has depicted that a breakout above the range’s upper boundary could continue Dogecoin’s rally to new all-time highs at $1.05. Featured image created with Dall.E, chart from Tradingview.com
Dogecoin is approaching a critical juncture as it hovers near the $0.3563 mark, with the Relative Strength Index (RSI), signaling oversold conditions. This suggests that the recent sell-off may have pushed the asset into undervalued territory, raising the possibility of a rebound. However, whether the bulls can seize this opportunity to drive a recovery remains uncertain. With the market showing signs of fatigue, $0.3563 emerges as a pivotal level to watch. How the price reacts in the coming sessions could set the tone for Dogecoin’s next significant move. Understanding Current Price Action And The Overbought RSI Signal Current price action reveals that Dogecoin, despite trading below the 100-day Simple Moving Average (SMA), is showing promising signs of bullish momentum. The meme coin has briefly regained strength, hinting at a possible upward trajectory as it seeks to challenge overhead resistance levels. Significantly, this movement suggests that buyer interest is gradually increasing, which could lay the groundwork for a sustained recovery if key levels are breached. While the 100-day SMA often acts as a significant hurdle in bearish markets, DOGE’s resilience at this juncture indicates that bulls are making an effort to reclaim control. The evolving price structure underscores the importance of maintaining momentum to confirm a bullish breakout, with the next steps likely influenced by market sentiment and broader trading dynamics. Related Reading: Ex-Hedge Fund Guru Bets Big On Dogecoin As ‘Core Crypto Bet’ DOGE’s Relative Strength Index (RSI) is currently hovering at 30%, which indicates a firm position within the oversold zone. This technical indicator suggests that Dogecoin may have experienced significant selling pressure, pushing its price to undervalued levels. An RSI reading at or below 30% typically offers an opportunity for buyers to re-enter the market and initiate a rebound. Although this does not guarantee an immediate recovery, it highlights the potential for a reversal in the coming sessions, especially if other bullish signals align. Traders are closely watching whether the RSI will rise soon, as this could signal strengthening momentum and a shift in sentiment. Combined with price action near key support levels, the RSI’s positioning might be crucial in shaping Dogecoin’s next moves. A Rebound Or Continued Rally For Dogecoin? DOGE’s current price action presents two key scenarios to consider: a potential rebound or the continuation of its rally. Given the oversold signal from the RSI near $0.3563, a rebound is possible if the bulls step in and drive the price higher, capitalizing on the undervalued conditions. A successful recovery could see DOGE challenge previous resistance points, such as $0.4484, and restore its upward pressure. Related Reading: Dogecoin (DOGE) Rally on Hold: Can Momentum Kick Back In? On the other hand, if the bearish pressure persists, the cryptocurrency could struggle to regain bullish control, leading to further declines toward $0.1800. The next few trading sessions will be crucial in determining which path Dogecoin will take, with support and resistance levels playing key roles in shaping its direction. Featured image from Unsplash, chart from Tradingview.com
Dogecoin and Shiba Inu prices have significantly crashed in the last 24 hours. This is partly due to Jerome Powell’s speech, which painted a bearish picture for crypto assets despite the announcement of a 25 basis point (bps) rate cut. Why The Dogecoin And Shiba Inu Prices Crashed The Dogecoin and Shiba Inu prices are […]
According to new reports, Dogecoin’s market sentiment has plummeted significantly, turning negative once again as its price consolidates. This bearish trend raises the question of whether it is time for investors to buy or sell off their DOGE tokens to avoid future losses. Dogecoin Market Sentiment Dwindles On Tuesday, crypto analyst Ali Martinez announced on […]