Dogecoin price prediction: The meme coin euphoria is back with Dogecoin (DOGE) and Shiba Inu (SHIB) in the lead as investors book positions to capitalize on the pre-Christmas breakout.
It is as if the fear of missing out (FOMO) similar in bull markets has started to move prices, especially now that the hype around the potential approval of Bitcoin spot exchange-traded funds (ETFs) cooling down.
The bullish outlook starts with Bitcoin price which has broken above $44,000 for the first time this year. Ethereum price is also breaking out in tandem, with gains now above $2,300.
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Dogecoin Price Prediction: Can DOGE Break $0.1 Level?
Dogecoin price is trading at $0.092 on Monday during US business hours, up 4% in 24 hours, 14% in week, 23.7% in a fortnight, and 30% over the last 30 days, according to market data by CoinGecko.
With higher support preferably above $0.92, the largest meme coin would be in a position to close the gap to $0.1, especially now that the Moving Average Convergence Divergence (MACD) indicator has reconfirmed a buy signal on the daily chart.
However, bulls will be put to the test as the price approaches the next significant resistance at $0.096. If the uptrend continues uninterrupted, then traders will continue to FOMO into the meme coin and intensify the tailwind for a breakout past $0.1.
In case of a trend correction, investors must refrain from panicking and selling out of fear of losing accrued gains. It is essential to remember that pullbacks are necessary for the continuation of the rally—they allow previously sidelined investors to DCA into the token while providing the required momentum to sustain the next breakout.
The Money Flow Index (MFI) accentuates the uptrend, suggesting that buyers are mainly in control. This indicator tracks the inflow and outflow volume of money in the market.
Persistent growth in the MFI is a bullish signal. Therefore, in Dogecoin’s case with the MFI at 96.36, there’s a higher chance of the uptrend blasting past $0.1 than the meme coin slashing gains to test key support areas such as the upper dotted trendline, the 21-day Exponential Moving Average (EMA) (blue) at $0.0817 and the 50-day EMA (red) at $0.0759.
If push comes to shove and declines explode, Dogecoin would be forced to seek relief from the support at the 200-day EMA (purple) currently at $0.0714, and the lower dotted trendline around $0.07.
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