- Support at $0.0650, coupled with Dogecoin price’s highly oversold conditions, may trigger a move north.
- The Dogecoin-Ethereum bi-directional bridge may be released before the end of 2022 and is likely to be a bullish factor.
- Recovery to $0.1000 will greatly depend on who wins an expected scuffle around $0.0689.
Dogecoin price is at the tail end of the most recent pullback from $0.0917. The largest meme coin pivots at $0.0686 at the time of writing, but it’s expected to close the distance to $0.1000 with its next move. Anticipation of the release of a Dogecoin-Ethereum bridge may prove a bullish catalyst.
Key levels to watch as Dogecoin price rebounds
Cryptocurrencies across the board have been seeing relief bounces in the wake of last week’s pullbacks. Dogecoin price is among the few crypto assets that delayed their reflex recoveries, but a thorough price analysis reveals an imminent climb.
The daily chart paints a bullish picture considering that the Super Trend indicator recently flushed a buy signal. This indicator overlays the chart like a moving average, but it integrates the average true range (ATR) in its calculations to gauge market volatility at any given time. If investors heed the buy call shown on the chart, Dogecoin price will set off for the target at $0.1000.
DOGE/USD daily chart
Odds will keep leaning on DOGE’s bullish side as long as the Super Trend indicator trails the price. The Stochastic Oscillator exposes Dogecoin price’s highly oversold conditions – which may reinforce the projected jump to $0.1000.
Dogecoin-Ethereum bridge may go live in 2022
The much-awaited Dogecoin-Ethereum bridge will go live before the end of 2022 and it is likely to be a positive factor influencing DOGE price. Blue Pepper, the entity tasked with building the bridge, recently released details of the project.
Users can transfer DOGE to the Ethereum blockchain using the bi-directional bridge (and vice versa). Smart contracts, decentralized financial protocols, and non-fungible token exchange platforms will all make use of the meme coin.
The founding members of the decentralized autonomous organization (DAO) – in charge of the protocol will be the Dogecoin Foundation, Blue Pepper, MyDoge and BitGo.
The Dogecoin ecosystem will benefit massively from the bi-directional bridge, starting with ease of data and asset transfer. Demand for the meme coin may rise significantly amid increased exposure to the Ethereum ecosystem and positively impact the price.
Meanwhile, traders must tread carefully, keeping the bear market in mind. Investors may book early profits at $0.8000, with the most bullish waiting till $0.1000.
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.
Recommended Content
Editors’ Picks
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
BTC headstrong as Spot ETF talks reach technical stage
Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.