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Dogecoin Price to Hit 160-Day Barrier After Elon Musk’s Tweet: Bull Trap or Rally?

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Dogecoin price shows a modest 0.12% surge to $0.095 during the less volatile weekend. Along with the market upswing, the DOGE price recently bounced from the $0.09 floor as Billionaire Elon Musk shared a post on X about the Department of Government Efficiency with the D.O.G.E acronym. However, the sustainability of this recovery remains uncertain as DOGE approaches a multi-month resistance.

Dogecoin Price Climbs on Trump-Musk Collaboration

Former U.S. President Donald Trump announced during his Thursday speech at the Economic Club of New York that, if re-elected, he plans to establish a government efficiency commission in collaboration with Tesla founder Elon Musk.

In agreement with this proposal, Musk has actively promoted the idea of a government efficiency commission on X (formerly known as Twitter) with a post showcasing an AI-generated image of him and the acronym D.O.G.E.

The tweet triggered a sudden pump in DOGE price to hit a $0.095 high on Friday. However, this upswing may lack sustainability as the asset trades close to the multi-month resistance trendline at $0.1.

According to Intotheblock analytics, the potential buyers could face supply pressure from nearly 16 Billion DOGE from 242.8k Addresses before the $0.1 breakout. The holders, as mentioned earlier, are currently in a loss and could sell their asset at breakeven,

DOGE Price Awaits Major Breakout

Since last month, the Dogecoin price has traded between $0.115 and $0.091 at horizontal levels. This consolidation may reflect a lack of initiation from buyers or sellers, but the broader chart analysis shows the formation of a falling wedge pattern.

The chart pattern leads to a steady downtrend within two converging trendlines before the buyers give a massive breakout. By press time, the DOGE price trades at $0.095, while the market cap boosted to $13.9 Billion.

If the bullish momentum persists, the coin price could jump 5% before challenging major resistance from the overhead trendline. If sellers continue to defend this dynamic resistacne, the Dogecoin price could revert and chase $0.08 support.

Moreover, the dog-themed coin trading below the daily EMAS (20, 50, 100, and 200) hints the path to lead resistance is down.

Dogecoin PriceDogecoin Price
DOGE/USDT 1d Chart

On the contrary, a bullish breakout from the wedge pattern will accelerate the bullish momentum and set Dogecoin price prediction to $0.11, followed by $0.144,

Frequently Asked Questions (FAQs)

The recent surge in Dogecoin price, reaching $0.095, was triggered by Elon Musk’s tweet promoting the Department of Government Efficiency (D.O.G.E.)

Dogecoin is facing a key resistance level at $0.1, with potential supply pressure from nearly 16 billion DOGE held by 242.8k addresses

Dogecoin is showing a falling wedge pattern, typically a bullish indicator

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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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Altcoins

Risk-To-Reward on Ethereum Looking ‘Too Good To Pass Up’ According to Crypto Analyst – Here’s Why

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A popular on-chain strategist says Ethereum (ETH) is showing a great risk-reward ratio setup.

Analyst Ali Martinez tells his 76,900 followers on the social media platform X that ETH appears to be forming a bullish ascending channel on the weekly timeframe.

“The risk-to-reward ratio on Ethereum is too good to pass up for a long position! I’ve set my stop below $1,880 and am aiming for a target of $6,000.”

Image
Source: Ali Martinez/X

Looking at his chart, the analyst suggests ETH is holding the bottom trend line of the ascending channel as support and could soon re-test the upper bound at around $6,100.

However, fellow crypto trader Benjamin Cowen tells his 819,000 YouTube subscribers that based on a historic pattern of Ethereum bottoming out during the fourth quarter, he’s anticipating ETH drops to its logarithmic trendline, potentially as low as $1,000.

“When I look at the cycle, I see ETH at $2,400 and I just think that there is a really high probability that within a couple of months, probably in less than two months, we will look back at this and see that Ethereum finally went home and it took until Q4 of 2024 to do so…

In 2016, you can see that Ethereum finally entered the lower logarithmic correction trendline in basically early to mid-November. In 2019, it entered it in August but then it got back above it and then didn’t really durably stay in it until almost late September and October.”

ETH is trading for $2,409 at time of writing, down 2.1% in the last 24 hours.

Next up, the analyst says that Dogecoin (DOGE) is signaling a bullish reversal on the TD Sequential indicator, which traders use to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.

“The TD Sequential indicator has flashed a buy signal on the Dogecoin four-hour chart! If DOGE holds above the $0.141 support, we could see a rebound to $0.162.”

Image
Source: Ali Martinez/X

He also suggests that if DOGE flips the $0.169 level into support, the next resistance level would be in sight.

“If Dogecoin DOGE breaks above the $0.169 resistance, we could see a 27% rally up to $0.209!”

Image
Source: Ali Martinez/X

DOGE is trading for $0.162 at time of writing, up 7.4% 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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doge

Dogecoin (DOGE) Poised for a Move: Will It Start a Fresh Increase?

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Dogecoin started a downside correction from the $0.180 zone against the US Dollar. DOGE tested $0.1420 and is currently recovering losses.

  • DOGE price started a fresh decline from the $0.180 resistance level.
  • The price is trading below the $0.1650 level and the 100-hourly simple moving average.
  • There is a key bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could start a fresh increase if it clears the $0.1550 and $0.1580 resistance levels.

Dogecoin Price Eyes Fresh Increase

Dogecoin price started a fresh decline after it failed to clear the $0.180 resistance like Bitcoin and Ethereum. DOGE declined below the $0.1720 and $0.1650 support levels.

The price even declined below $0.1550 before the bulls appeared. A low was formed at $0.1422 and the price is now attempting a recovery wave. There was a move above the $0.150 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1790 high to the $0.1422 low.

Dogecoin price is now trading below the $0.1550 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1550 level. The next major resistance is near the $0.1580 level. There is also a key bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair.

Dogecoin Price

A close above the $0.1580 resistance might send the price toward the $0.1600 resistance. Any more gains might send the price toward the $0.1650 level or the 61.8% Fib retracement level of the downward move from the $0.1790 high to the $0.1422 low. The next major stop for the bulls might be $0.1720.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1550 level, it could start another decline. Initial support on the downside is near the $0.1480 level. The next major support is near the $0.1420 level.

The main support sits at $0.1400. If there is a downside break below the $0.1400 support, the price could decline further. In the stated case, the price might decline toward the $0.1320 level or even $0.1300 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 above the 50 level.

Major Support Levels – $0.1480 and $0.1420.

Major Resistance Levels – $0.1550 and $0.1580.



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algo

Analyst Names Two Altcoins That Can Soar About 600% This Cycle, Updates Outlook on Dogecoin

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A closely followed crypto analyst believes that two altcoins have the potential to skyrocket by as much as 5x before this cycle is over.

Pseudonymous analyst Altcoin Sherpa tells his 228,100 followers on the social media platform X that he’s extremely bullish on the altcoin market.

According to the analyst, even average altcoins will see massive price rallies if conditions turn bullish for crypto.

Specifically, the trader sees the decentralized oracle network Chainlink (LINK) and the layer-1 protocol Algorand (ALGO) printing gains between 400% and 600% before the current cycle comes to a close.

“Market average for sh*tcoins from here on out: probably about 3-5x for this cycle on the low end and 5-10x for prices on the high end.

Meaning: If you buy pretty much anything at this point in time, I expect it to go 3-5x.

Here are two examples with LINK [and] ALGO.” 

Image
Source: Altcoin Sherpa/X

Looking at the trader’s chart, he seems to predict that LINK will surge by over 350% to revisit all-time high levels. As for ALGO, Altcoin Sherpa shares a chart suggesting that an over 300% move will not even take the coin close to its all-time high of $3.56.

Image
Source: Altcoin Sherpa/X

Turning to the top memecoin Dogecoin (DOGE), Altcoin Sherpa thinks the altcoin is taking a breather before sparking a new leg up.

“This is the bottom you want to see for DOGE in my opinion.

Lots of volatility and a range forming.” 

Image
Source: Altcoin Sherpa/X

At time of writing, DOGE is trading for $0.159.

Altcoin Sherpa also names other coins that he thinks will do well once the market enters full-bull territory.

“Mid-cap memes are taking a lot of mindshare and I still think stuff like BONK/PEPE/WIF probably outperforms a great percentage of utility coins. But if you’re looking for utility, I would prob go:

-New coins like EIGEN
-High float/older coins like FTM (+rebrand)
-new infra coming out like monad/berachain
-new coins that came out and down only (never pumped) aka REZ, ZK and those types

Lots of different ways to play the upcoming alt pump; be flexible and prepared.” 

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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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