Can Dogecoin (DOGE) Roar Back to New Highs? Here’s What the Charts Say

• Dogecoin is predicted to rise to $0.105 once it breaches a resistance level of $0.95. 

• A look at its daily RSI indicates that there could be a pullback, but the reading above 50 shows bullish signs.  

Dogecoin (DOGE) has been on a downward trend since reaching its yearly high on December 11. In the last seven days, the meme coin has fallen by 2.5% and also made another 2.5% decline in the last 24 hours to trade at $0.090237.

However, the past couple of days have shown a good sign of possible bounce back despite a bearish score of 16/100. A brief look at its yearly chart indicates that the asset has traded on a constant line below the long-term horizontal resistance level since December 2022. 

This situation is marked by multiple unsuccessful attempts to break out. In October, the asset experienced a rapid surge which ended up breaching the critical long-term resistance level on December 6. Five days later, it set a new yearly high record. Unfortunately, the strength of bulls was not enough to sustain control of the market as bears managed to send the asset below the resistance level again. 

To determine whether the market is overbought or oversold, the relative strength index was consulted, and was realized that bulls still have an advantage with a reading above 50. According to analysts, the daily RSI is showing mixed results. The indicator is showing signs of decreasing while the reading remains above 50. Interestingly, the six-hour timeframe shows that the price would retrace its decrease. 

More on the Dogecoin Price Analysis

Dogecoin is reported to have traded inside a descending parallel channel and containing corrective movements. It recently bounced above the support trend line and the $0.087 horizontal support area. Dogecoin is expected to hit $0.105 after breaking its resistance level at $0.095. 

According to crypto trader ChiefraT, $0.087 could be the bottom for the next possible bull run of the meme coin.

I don’t care if the market is up or down, I find liquidity every day for my members to profit from! Gave this $DOGE entry zone to my members over the weekend, the price was over 5% from entry… I knew it was only a matter of time before we sniped the bottom…. +3.5% up so far.

Two months ago, a crypto analyst predicted that Dogecoin would surge by 27,500 percent to hit $16 at its peak. However, several enthusiasts did not agree with this prediction despite agreeing that there would certainly be a surge. Another analyst also believes that there would be a slight price surge and a subsequent fall. 

What we want to see, is a nice breakdown from 2nd Moving Average while keeping that pressure on (from sellers). But if we see a local resistance being broken today, there is a chance of slight bullish movement to upper zones!

According to a price prediction platform, Dogecoin would likely finish the year with a minimum price of $0.108217. On average, the asset is expected to surge to $0.135271, and even proceed to $0.162325 by December 31. 

Its rival, Shiba Inu is also trading at $0.00001 with the price expected to surge more with the recent introduction of a token-burning mechanism.