Share:
  • Dogecoin price is still consolidating with lower highs and higher lows.
  • DOGE price sees bulls defining an ascending trend line as support to go long. 
  • Expect consolidation to be poised for a bullish breakout as bulls already test upside resistance.

Dogecoin (DOGE) price was stuck in a downtrend from November until this week. With a shift in sentiment, DOGE bulls jumped on the opportunity to get in around $0.15 and pushed prices up to a first litmus test of potential resistances. Expect the consolidation to unfold in favor of bulls, with bulls targeting $0.35 to the upside.

A whopping 111% of gains could be in the making if crypto can keep tailwinds into Christmas

Dogecoin price has seen quite some market value evaporate throughout November, but a shift in sentiment looks to be set, with bulls breaking out of the downtrend. The consolidation phase is ongoing, with lower highs and higher lows between the blue ascending trend line and the red descending one. With that said, bulls already dipped their toes in the water to test resistance when a breakout would occur.

Expect the consolidation to continue unless some strong tailwinds emerge that could set price action above the 55-day and the 200-day Simple Moving Average (SMA) at $0.23 and $0.25. A close above the green ascending trend line around $0.27 would be the best scenario and trigger fresh buying volume from investors who want to get in the uptrend.

DOGE/USD weekly chart

DOGE/USD weekly chart

From there, bulls have nothing in the way until $0.35 has a critical double top and the monthly R2 resistance just a few cents above. The risk to the downside is that with the litmus test, the 55-day SMA has already proven to be very strong, and the 200-day holds even more importance. As price action got rejected this week, the risk for a break of the blue ascending trend line is possible, which would see a test towards the monthly S2 at $0.10.

 


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

TRON price rallies to yearly high following burn of over $12.6 million tokens

TRON price rallies to yearly high following burn of over $12.6 million tokens

TRON fee revenue reached an all-time high of $1.758 million on February 20. TRON network burned over 12.62 million tokens on Tuesday, likely catalyzing the altcoin’s gains. TRON price hit a 2024 peak of $0.14048 on Wednesday and the altcoin is likely to rally higher. 

More TRON News

Ethereum price briefly touches $3,000 for third time in a week

Ethereum price briefly touches $3,000 for third time in a week

Ethereum price crossed $3,000 for the third time this week, resulting in euphoria among crypto market participants. On-chain intelligence firm Santiment noted that traders bought Ethereum at the local top, above $3,000, out of the Fear Of Missing Out (FOMO).

More Ethereum News

XRP price suffers pullback with latest update in SEC v. Ripple lawsuit

XRP price suffers pullback with latest update in SEC v. Ripple lawsuit

XRP price dropped below $0.55 on Thursday as both Ripple and SEC work on remedy-related briefs. March 13 is the next key deadline for the SEC v. Ripple lawsuit. The court will determine penalties for Ripple’s institutional sales of XRP by the April 29 deadline. 

More Ripple News

Polygon inflation ends, MATIC price primed for explosive growth?

Polygon inflation ends, MATIC price primed for explosive growth?

Polygon’s Foundation contract shelled out the last remaining 273 million MATIC tokens on Wednesday, marking the end of the vesting period. This development means that there are no more tokens to unlock i.,e all of the MATIC tokens ever minted are now in circulation.

More Polygon News

Bitcoin: BTC eyes $60,000 but correction looms

Bitcoin: BTC eyes $60,000 but correction looms

BTC has been moving up only since January 22 but could slip into a consolidation before the next leg up. With the rate at which BTC is climbing after the ETF approval, coupled with strong fundamentals, investors should consider buying the dips before BTC hits $60,000.

Read full analysis

BTC

ETH

XRP