Dogecoin Price Analysis: DOGE price increased by 1.5% in the last 24 hours to trade at $0.1098 as of 6:24 am UTC. The increase in price comes during a general market recovery spearheaded by Bitcoin. Doge price showed signs of recovery, which, if extended, can catapult the meme coin back above $0.2.
Dogecoin Price Analysis: Falling Channel Breakout May Send Dogecoin Price to $0.208
Over the past week, Dogecoin price has decreased by approximately 9.8%, ranging between $0.121 and $0.093. Over the past month, a broader downtrend has led to a 24% drop. Recently, Dogecoin’s price rebounded by 19% from a low of $0.09136 to its current level. Despite this rebound, DOGE’s price action remains within a falling channel and is currently at the mid-level of that range.
The price of DOGE is also trending below the 21-day, 50-day, and 200-day simple moving averages (SMA), which may not be bullish for the asset. Nevertheless, DOGE is still in an uptrend as it has posted lower highs since hitting the recent low. Dogecoin price prediction shows the asset may rise further and test the channel’s top around $0.12, which coincides with the 200-day SMA. A break above the channel may catapult the DOGE price to $0.208, with occasional barriers around $0.15 and $0.18.
On the flip side, if bears prevail, the DOGE price may drop lower to the bottom of the channel around $0.082, with some support around $0.10.
The DOGE relative strength index (RSI 14) is at 38.54, just slightly above the oversold (OS) area. DOGE recently visited the OS zone on July 4, and this recent building buy pressure is part of the reversal. DOGE price is expected to continue moving upward as bullish momentum builds.
The Chaikin money flow (CMF) indicator is at 0.08 and rising, which signals buying pressure is building and starting to dominate on Dogecoin. Furthermore, the average direction index (ADX) sits at 47.38, an indication of a strong upward movement trend.
Dogecoin Gaining Adoption Among Venezuelan Citizens
The Dogecoin team recently posted on X about Dogecoin’s purpose: to serve as a straightforward means of exchange. They referenced Bloomberg’s recent article highlighting how Venezuelan families are turning to cryptocurrencies, including Dogecoin, amidst the economic downturn in the country.
While many crypto projects chase gains, Dogecoin’s purpose is to be a simple means of exchange for everyday people. Shibes around the world are putting Doge to real use. https://t.co/xUgGDVbnFY
— Dogecoin (@dogecoin) July 8, 2024
This sets a precedent for Dogecoin to be one of the biggest runners in this cycle. From Tesla to XPayments, DOGE use cases keep on growing and, once actualized, may trigger the biggest meme coin run in crypto history.
Bottom Line
Dogecoin’s price trajectory appears bullish as it prepares to run to the $0.2 mark. Key technical indicators also signal a potential buying opportunity. This upward movement suggests growing investor interest and could lead to increased momentum for the popular meme cryptocurrency in the short term.
Frequently Asked Questions (FAQs)
A breakout above the current channel could propel DOGE’s price to $0.208, but with resistance around $0.15 and $0.18.
No. Elon Musk does not own Dogecoin.
Dogecoin was founded by Billy Markus and Jackson Palmer in 2013.
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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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