- Dogecoin price may reach $20 during the bull cycle due to past trends and increased whale transactions.
- With the MACD and BBP indicators indicating bullish momentum for future price surges, Dogecoin recovered from $0.3097 to $0.3283.
The Dogecoin (DOGE) price showed a decent fall in mid-December. After this fall, the bearish trend halted near the support level of $0.310. The Dogecoin price has been in a consolidation for the past few days on the support level. It has been struggling between the 20-day and 200-day EMAs.
On a wider time frame, the DOGE price formed a bearish candlestick pattern and displayed a bearish forecast. Bitcoin is the leading coin and formed a bearish pattern.
It is not a secret that BTC price behaviors influence all the altcoins. According to the DOGE crypto price chart structure, bulls and bears are in a battle for their dominance. Keep on reading to learn who may dominate future price trends.
Dogecoin Price Might Witness Massive Gains: Analysts Weigh In
According to cryptocurrency analyst Javon Marks, the Dogecoin price might record an all-time high during the current bull market. Marks suggests the DOGE price cycles’ historical moving averages also hint that a significant rally may occur in 2024.
For example, Dogecoin surged 90 times in 2017 and 306 times in 2021. Such patterns could cause Dogecoin’s price to soar above $20.
Marks also says that previous Dogecoin bull cycles have seen investors receive even larger returns because of the market’s continued bullishness and positive sentiment. As the cryptocurrency market continues to rise, the DOGE price stays within the same trendline as in previous years.
Technical Analysis of Dogecoin Price Over 1-D Timeframe
Dogecoin crypto was trading at $0.321 at press time after advancing by 2.23% over the past 24 hours. The market capitalization was $47.3 billion, and the 24-hour trading volume was $1.93 billion.
The DOGE price has been hovering in a narrow range for the past ten days. For now, it was trading at the support level.
Once the DOGE price slips below this support level, it could be a bearish signal. If the price sustains below the support level of $0.310, strong bearish momentum can be anticipated. Losing this level could tempt sellers and drag the price down to the 200-day EMA.
Conversely, if the price defends the $0.310 mark, buyers might participate. Suppose the price exceeds the 20-day EMA, a decent rally can be seen. If the price sustains the $0.400 territory, it may perform positively, and a new all-time high (ATH) can be anticipated.
DOGE Price Analysis Based on Market Sentiment
The outlook for Dogecoin remains cautiously optimistic despite recent bearish trends. Analysts suggest that the potential for a significant price surge exists, particularly as historical data indicates that DOGE has experienced substantial gains in previous bull cycles.
The current market dynamics, supported by whale transactions and favorable technical indicators, may lead to a rally. It might push the price beyond $20 if critical support levels are maintained and buying momentum increases.
However, if the price fails to hold above the $0.310 support, it could trigger further declines. Therefore, investors should closely monitor Dogecoin news and key price levels moving forward.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
