- The 24-hour trading volume has tumbled by 50%, showing a lack of new players.
- DOGE price has reached the last swing high and shown price rejection.
Since September, the Dogecoin (DOGE) price has been bullish and surged by 110%. The price has reached the last swing high, and rejection has been witnessed. The cryptocurrency market was bullish amid the U.S. election result. A massive shoot-up was seen after Trump’s victory.
DOGE price has been rising by taking a pullback and has reached the crucial level of $0.200. The price has bounced back twice, touching the 20-day EMA in the past few weeks. Dogecoin’s price stayed near the critical resistance level of $0.2200. Let’s see how it reacts.
DOGE Price Analysis According to Analyst
The Dogecoin price has recently garnered much attention, and market analysts’ perspectives vary. Analyst Ali believes the token could reach a new high or even soar higher if it breaks through its primary resistance levels.
He then made a long-term price prediction. He indicated that the DOGE price may range from $4 to $23. This could happen if it follows the main trends of the previous bull cycle after surpassing the 0.50 Fibonacci retracement level.
He added that the Dogecoin price might have increased due to the recent high-profile endorsement.
Will the DOGE price keep rising, or could the profit booking be seen?
Dogecoin crypto was trading at $0.200 at press time. That has increased by 3.60% over the past 24 hours. The market capitalization was $29.41 Billion, and the 24-hour trading volume was $3.81 Billion.
It would be a selling signal if the crypto asset price faces resistance from the key resistance level. Here, most investors and traders might prefer to book profits. Profit booking could trigger a bearish momentum, and the price may drop to the 200-day EMA.
On the other hand, if the DOGE price overcomes the key resistance level, more buyers could assembled. Here, buyers may get the advantage of the bull market. If the trading volume supports the bullish momentum, it can remain bullish for the next few weeks.
Turning to the technical indicators, the RSI has triggered a bullish crossover with the RSI-based moving average. It was nearing the overbought zone, which could tempt buyers.
The MACD and the Signal line have stayed far over the Zero line. The histograms have flipped to green. This showcased the bullish trend.
DOGE Price Prediction Based on Trend
The DOGE price has exhibited strong bullish momentum since September, surging by 110% recently. However, the market may face challenges as it approaches key resistance levels around $0.2200. A rejection of this resistance could lead to profit booking and a bearish reversal, particularly if trading volume remains low.
Conversely, a successful breakout above this resistance could attract more buyers and sustain the bullish trend. This could happen, especially if supported by increased trading volume.
Technical indicators such as the RSI and MACD suggest a bullish outlook. However, caution is warranted as the market navigates these critical levels.
The next few sessions will determine whether DOGE can maintain its upward trajectory. Also, it will help to find out if a correction is on the horizon.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
