Dogecoin Price Prediction: Multiple Support Aligns for a 22% Surge in $DOGE Value

11 months ago 2

ARTICLE AD BOX

Dogecoin Price Prediction: Despite the wider market downturn, Dogecoin price has impressively maintained its value above the $0.075 support level. The cryptocurrency has rebounded three times from this mark, indicating active buyer accumulation at lower prices, which signals a positive sentiment in the market. However, Dogecoin’s upward movement is currently capped at the $0.0877 resistance level, leading to a period of lateral trading. Could the ongoing market reversal provide the necessary momentum for DOGE to initiate a lasting recovery?

Combined Support Bolsters DOGE For Fresh Recovery

The DOGE price is trapped in a sideways trend wobbling between the $0.087 and $0.0753 horizontal levels
A confluence of technical level at $0.075 creates a high demand zone for traders.
The 24-hour trading volume in Dogecoin is $405.5 Million, indicating a 7.84% loss.

January 2024 has seen significant volatility for Dogecoin (DOGE), as its price fluctuated sharply between the $0.087 and $0.0753 levels. Despite the broader downturn in the cryptocurrency market, Dogecoin has impressively held above the $0.075 support level, indicating strong buyer interest at these lower prices.

The daily timeframe chart reveals that this support level coincides with the 61.8% Fibonacci retracement level and the 200-day EMA, making it a key focus point for buyers. The recent rebound from the EMA slope has led to a 6.5% increase in Dogecoin’s value over the week, with its current price at around $0.081.

Moreover, the Dogecoin network is experiencing an extraordinary surge in growth that has caught the crypto community’s attention. According to insights shared by renowned crypto analyst @ali_chart, new addresses on the Dogecoin network have surged by a staggering 1,100% over the past week.

The #Dogecoin network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week!

On January 29 alone, a record-breaking 247,240 new #DOGE addresses were created, marking an all-time high. A sustained uptrend in network… pic.twitter.com/7tNAPzJaP2

— Ali (@ali_charts) January 30, 2024

On January 29th, the network saw a historic milestone with a record-breaking 247,240 new DOGE addresses created, setting an all-time high. This remarkable expansion in the network could have a positive impact on the value of $DOGE in the near future.

Will Dogeprice Regain $0.1?

With the network’s development and a recovering broader market, the DOGE price is poised to potentially break through the overhead resistance at $0.087. A successful breach of this resistance could amplify buying momentum and propel Dogecoin’s value by 22% to reach the upper boundary of a long-standing triangle pattern at $0.107.

If this bullish breakout from the pattern occurs, it could signal an early indication of a trend reversal for Dogecoin.

Directional Moving Index: A potential bullish crossover between DI+ and DI- slope could assist DOGE in returning to a recovery state
Exponential Moving Average: The flattish 50-and-200-day EMA reflects the short-term trend that is currently sideways.