Dogecoin price aims for greatness after developers release new update in two years


  • Dogecoin price is on the verge of a significant 25% breakout.
  • The digital asset receives its first update since 2019 due to increase in demand.
  • DOGE was listed on Phemex with up to 20x leverage.

Dogecoin is back on the spotlight after developers release a new update for the first time since 2019. The new upgrade makes Dogecoin faster and reduces CPU usage for users running Dogecoin nodes. Additionally, the digital asset was just listed on Phemex against AAVE and USD and with a leverage of up to 20x. 

Dogecoin price close to a bullish breakout

On the 4-hour chart, Dogecoin price is bounded inside a symmetrical triangle pattern which seems to be on the verge of a breakout. The key resistance level is located at $0.054, climbing above this point should quickly push Dogecoin price up to $0.07.

doge price

DOGE/USD 4-hour chart

The In/Out of the Money Around Price (IOMAP) chart also shows the same thing as it indicates that the strongest resistance area is located between $0.052 and $0.054, adding credence to the bullish outlook above.

doge price

DOGE IOMAP chart

However, the IOMAP model also shows that DOGE has far weaker support on the way down below $0.05. A breakdown below the key support level of $0.0455 will quickly drive Dogecoin price by about 27%.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Solana price eyes a return to $120 as confidence in SOL fades

Solana price continues to face some strong technically and fundamentally bearish scenarios. In addition, concerns about Solana’s network stability and scalability remain. Those concerns continue to weigh in on the bearish price action ahead.

More Solana news

MATIC on the march to $3 but must hold this support zone or face strong selling pressure

MATIC price action has fallen below the rising wedge for the second time in January; the first occurrence was on January 8. The Kijun-Sen is the final support zone, and if it fails, MATIC could drop 20%. The recent fundamentals are bullish.

More Polygon news

Top 3 Price Prediction: Crypto market seems ready to rally

Bitcoin price continues to sit on top of the neckline of a head-and-shoulders pattern, generating anxiety amongst bulls and bears alike. Ethereum price is testing the daily Tenkan-Sen as a support zone that could turn into a higher low.

More Bitcoin news

Dogecoin liquidity deepens as DOGE goes live on Thorchain

Thorchain announced earlier today that the Dogecoin liquidity pool is live on the decentralized liquidity network. As on-chain activity would increase, the deep liquidity fuels a bullish narrative for Dogecoin price. 

More Dogecoin News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis

BTC

ETH

XRP