Dogecoin Price Prediction: With Bitcoin price showcasing a weakening of bullish momentum at $52000, the majority of major coins, including DOGE, spark a new correction. From the last swing high resistance of $0.088, the coin tumbled 7% to hit a low of $0.819, This reversal backed up decreasing volume suggesting the market participants are less interested in short positions. 

Also Read: Dogecoin Whale Offloads 400 Mln DOGE To Robinhood, Price To Hit $0.09?

Will DOGE Price Regain $0.1 Before Feb-End?

Dogecoin Price Prediction| Tradingview

Dogecoin’s short-term movement exhibits a lateral trend oscillating between the support and resistance levels of $0.07 and $0.09, respectively. Utilizing the $0.07 level as foundational support, the DOGE price is forming a notable bullish reversal configuration known as the double bottom pattern. 

Amid a wider market resurgence, the cryptocurrency witnessed a 10% increase over a fortnight, reaching $0.0852. This momentum, spurred by the bullish pattern, suggests an imminent rise of 6.2% towards the $0.09 resistance threshold.

Should Dogecoin price successfully breach this critical point, it’s anticipated to trigger a bullish momentum, propelling the price by an additional 16% to achieve a target of $0.105. 

However, this upward trajectory towards $0.105 is expected to encounter significant resistance at a longstanding trendline, part of a symmetrical triangle pattern that has defined the broader, predominantly sideways market trend for nearly two years.

Also Read: Crypto Headlines Of The Week: Bitcoin, Shiba Inu, & Terra Fuels Inferences

Will Dogecoin Price Ready for Uptrend?

Dogecoin Price Prediction| Tradingview

Analysis of the daily chart shows the anticipated rally to $0.0105 will face a major roadblock at the resistance trendline, a symmetrical triangle pattern. This chart has been active for nearly two years and the broader trend is sideways

The persistence of selling pressure at this upper boundary could result in a continuation of DOGE’s sideways trading pattern. For a return to a bullish recovery trend, a breakthrough from this triangle pattern is necessary, setting a new potential target at $0.18, indicating a decisive moment for the Dogecoin price direction.

Technical Indicator

  • Relative Strength Index: The daily RSI slope above 55% indicates a positive sentiment among the market participants.
  • Bollinger bands: An uptick in the Bollinger band indicator reflects the active bullish momentum in the market.

Related Article: Crypto Market Prediction as BTC Rally Stalls at $52k: ETH, XRP, DOGE Analysis For February 16th

✓ Share:

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *