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Dogecoin Price Targets $0.12 Breakout as Bulls Prepare to Enter Premium Long Trades

Published

3 months ago

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The Dogecoin price plunged 0.3% to $0.102 on Sunday trading session, underperforming the broader market uptick. The series of short-body candles with long wicks indicate no clear indication of buyers or sellers. The uncertainty persists as Bitcoin price struggles to sustain above the $60000 floor, indicating a risk of downtrend continuation. Will the DOGE price lose the $0.1 mark?

Dogecoin Price Hints Major Breakout Amid Wedge Formation

Dogecoin price prediction shows a sideways trend in the past two weeks, wavering around the $0.1 psychological level. The consolidation hints at a shift in prevailing bearish momentum as the price rebounded from the support trendline of the falling wedge pattern.

This chart pattern consists of two converging trendlines: dynamic resistance and support to lead a steady downtrend. Typically, the pattern formation indicates a weakening of bearish momentum, which concludes with a decisive breakout from upper resistance.

A positive crossover between the MACD (orange) and signal (blue) line accentuates the recuperating bullish momentum. These slope crossing above the midline will further strengthen the buyers grip over this asset. If the pattern holds true, the Dogecoin price could drive a 12% rally to challenge the resistance trendline of the wedge pattern.

A potential breakout from the wedge range will accelerate the buying pressure and drive a rally to a $0.144 resistance, followed by a $0.22 peak.

Dogecoin PriceDogecoin Price
DOGE/USDT – 1d Chart

Data from Coinglass indicates that the DOGE Open Interest (OI)-Weighted Funding Rate stands at 0.00112. This positive rate suggests that long positions are dominant, reflecting a bullish sentiment in the market as traders are willing to pay a premium to maintain their positions. 

If this trend continues, it could increase investors’ confidence, potentially driving the higher DOGE price.

DOGE OI-Weighted Funding RateDOGE OI-Weighted Funding Rate
DOGE OI-Weighted Funding Rate | Coinglass

On a contrary note, the 20-day Exponential moving average and $0.106 resistance stand as crucial resistance against the buyer’s motive. The coin price trading below daily EMAs (20, 50, 100, and 200) hints the path to least resistance is down. If the Dogecoin price reverts from these overhead resistances, the bullish breakout will be delayed, and sellers may drive an extended correction to $0.08.

Frequently Asked Questions (FAQs)

Dogecoin price has been hovering around the $0.1 level, showing a sideways trend over the past two weeks.

The DOGE Open Interest (OI)-Weighted Funding Rate is at 0.00112, indicating that traders are paying a premium to maintain long positions

The key resistance levels to watch are the 20-day Exponential Moving Average (EMA) and the $0.106 price point

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Says Dogecoin Has Way More Room To Grow, Sees Potential Rally to New All-Time High for DOGE

Published

3 days ago

on

November 20, 2024

By


A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) may be gearing up for an explosive surge.

Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE has more upside potential based on the level of public interest relative to its current price level.

He uses Google search trends to gauge the level of interest for the top memecoin by market cap.

“I read people saying Dogecoin will not go higher because of ‘market cap,’ ‘sell the news,’ ‘better memes.’ Well, when you look at the interest in DOGE over time, it isn’t even at peak popularity yet. Long story short, DOGE has way more room to grow.”

Image
Source: Ali Martinez/X

He also says that DOGE may be forming a bull flag pattern on the hourly timeframe and may soon surge past its all-time high of about $0.74. In technical analysis, a bull flag is viewed as a continuation pattern, indicating that an asset is consolidating and gearing up for a fresh rally.

“Dogecoin appears to form a bull flag! I’m looking out for an hourly close above $0.40 which could trigger a breakout to $0.85!”

Image
Source: Ali Martinez/X

DOGE is trading for $0.3742 at time of writing, up 3.6% in the last 24 hours but down about 49% from its all-time high of $0.731.

Lastly, the analyst says that Bitcoin (BTC) may override a bearish signal from the TD Sequential indicator and hit six figures.

Traders use the TD Sequential indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.

“Finally, I believe a sustained daily close above $91,900 will invalidate this bearish Bitcoin outlook and trigger a breakout to $100,680!”

Bitcoin is trading for $90,885 at time of writing, up 1.6% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Top Trader Unveils Path to New All-Time High for Dogecoin, Says DOGE Will Remind Everyone Who Is the King

Published

4 days ago

on

November 19, 2024

By


A trader who continues to grow his following with timely crypto calls is outlining a potential price path for Dogecoin’s (DOGE) rally to fresh all-time highs.

Pseudonymous analyst Bluntz tells his 292,900 followers on the social media platform X that Dogecoin looks poised for a new wave of upside bursts after printing a local bottom at around $0.339.

The trader shares a chart suggesting that DOGE could explode to a new all-time high of $0.85 before ending its five-wave surge.

“Nothing changed, we just had a nice 23% low time frame dip I’m counting as a wave four within a monster extended wave three impulse.

Once the next DOGE leg-up start, it will probably start to suck liquidity out of smaller memes again. The only reason they went so hard this week was because DOGE has been chilling for five days in my opinion.

I think this week will be a DOGE week.” 

Image
Source: Bluntz/X

Bluntz practices the Elliott Wave theory, a technical analysis approach attempting to predict future price action by following crowd psychology that tends to manifest in waves. According to Elliott Wave principles, a bullish asset often witnesses a five-wave rally, where waves one, three and five are upside moves and waves two and four are corrective periods.

At time of writing, DOGE is trading at $0.372, down 49% from its all-time high of $0.731.

Zooming in, Bluntz shares his forecast for DOGE in the coming days.

“Ideal scenario for DOGE is a slow grind up over the next few days which could set the stage for another parabolic breakout later in the week similar to the last…

I think DOGE is gonna gently remind everyone who the king is this week.”

Image
Source: Bluntz/X

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Dogecoin (DOGE) Eyes $0.50 Again: Is a New Rally on the Horizon?

Published

5 days ago

on

November 18, 2024

By


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.

Dogecoin Price

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.



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