Dogecoin Poised for a 150% Surge? Key Price Levels to Watch
08 Setembro 2023 - 9:40AM
NEWSBTC
The price trajectory of Dogecoin has been significantly influenced
by Elon Musk’s tweets about the meme coin in recent weeks and
months. Notably, Dogecoin ascended past the $0.1589 mark in
November 2022, following Musk’s acquisition of Twitter. Since then,
however, DOGE has been on a pronounced downtrend. The anticipation
of Musk introducing Dogecoin as a payment method on Twitter remains
palpable within the DOGE community. However, outside this sentiment
is not shared, underscored by the stark decline in DOGE trading
volume, suggesting a diminished presence of speculators and
traders. If Musk does integrate DOGE on Twitter, the price reaction
is likely to be swift. But what is a good entry price? Monthly
Chart DOGE/USD While many older altcoins are plumbing new lows,
Dogecoin exhibits a more resilient sideways accumulation pattern on
its monthly chart. This chart reveals that the $0.0480 mark is
pivotal for Dogecoin. Should DOGE maintain its stance above this
price, it could present a viable opportunity for long-term spot
investors. Related Reading: Dogecoin Price Analysis: Is It Clawing
Its Way Out Of The ‘Crab Market’? This price level is especially
interesting as it coincides with the 100-week EMA at $0.04886.
However, it’s imperative to acknowledge the inherent
unpredictability associated with Dogecoin’s long-term trajectory,
given its meme coin status. Weekly Chart Dogecoin The 1-month chart
delineates a clear downtrend. DOGE could fall towards the lower
trendline at $0.0480 before another run towards the upper trendline
at $0.075. Remarkably, the 30-month low of June 2022 is also
located near the trend channel low at $0.0488. If DOGE bounces up
from here, the price would have to face the 61.8% Fibonacci
retracement at $0.0909. A retest of the breakout from the downtrend
could occur here. If the bulls succeed, the 50% Fibonacci
retracement level at $0.1093 and the 38.2% Fibonacci retracement at
$0.1169 could come into focus. The final target is the November
2022 high at $0.1589 where huge selling pressure is to be expected.
At current price, DOGE would need to gain over 150% to reach this
level. Daily Chart DOGE/USD The 1-day chart underscores the
persistent downtrend Dogecoin has been grappling with since
December of the preceding year. This downtrend, demarcated by a
descending trend channel, remains unbroken. Late in July, DOGE
recoiled from the upper boundary of this channel, only to descend
once more. Related Reading: Dogecoin Price Slide Persists Despite
This Elon Musk Biography Revelation Alarmingly, pivotal support
levels, inclusive of the 200-day EMA, have been compromised,
hinting at a potential bearish trajectory. Current chart
configurations suggest that DOGE might revisit its annual nadir at
$0.05593 shortly. In a more bearish projection, a decline to the
lower confines of the descending channel, oscillating between $0.05
and $0.048, is plausible. Conversely, if DOGE steers clear of
registering a new annual low, especially if the broader market
sentiment experiences an upswing (perhaps due to the approval of a
Bitcoin Spot ETF), the entry point for prospective investors might
materialize sooner. For a substantial price resurgence, it’s
imperative for DOGE to rebound from this potential new low with a
robust buying volume, indicating renewed interest and liquidity for
the meme coin. Featured image from iStock, chart from
TradigView.com
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024