Dogecoin Price Prediction: DOGE may surge 10% if this critical level is overcome


  • Dogecoin price is in an uptrend after bouncing off the ascending triangle’s lower trend line.
  • Transactional data reveals a major supply barrier at $0.061 will decide DOGE’s fate.
  • A decisive close above the resistance level could propel the meme coin by 10% to $0.069.

The Dogecoin price forms a bullish consolidation pattern that hints at massive gains if crucial areas of interest are dismantled.

Dogecoin price remains inconclusive

The Dogecoin price has set up three distinctive higher lows as a result of aggressive buyers. The run-up from these swing lows grew exhausted at $0.064, creating a series of highs. Such a price action results in an ascending triangle when the pivot points are connected using trend lines.

This technical formation has a bullish bias and projects a 35% upswing, determined by measuring the distance between the swing points formed on February 15 and February 23. Adding this measure to the breakout point at $0.064 reveals the Dogecoin price target at $0.087.

However, DOGE needs to clear crucial barriers before it proceeds to $0.087. The first area of interest is $0.061, where the Dogecoin price is currently trading. A swift yet decisive close on the daily chart above this level will allow the meme coin an opportunity to surge 10% to $0.069.

If the buyers slice through this barrier mentioned above, a 26% upswing to the target at $0.087 seems likely.

DOGE/USDT 1-day chart

DOGE/USDT 1-day chart

Portraying the importance of $0.061 is IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, which shows 58,000 addresses that previously purchased 8.92 billion DOGE are "Out of the Money.”

Hence, surpassing this key zone will provide a tailwind from investors present here. Further cementing an upswing is a massive stack of investors present below the current price levels.

DOGE IOMAP chart

DOGE IOMAP chart

However, there is a likelihood that the bulls’ exhaustion leads to a slow yet steady downtrend toward the lower boundary of the ascending triangle at $0.056, which is a 9% drop in the Dogecoin price.

If the bulls fail to rescue the altcoin here, another 9% crash to $0.050 can be expected.

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 needs to crack this key level as SOL bulls eye an upswing towards $200

Solana is seeing some buying resurgence on Saturday, as it reverses Friday’s temporary drop to near the $127.50 region. Solana price is teasing a falling wedge breakout on the daily chart. SOL bulls need to find acceptance above $148 to initiate a fresh upswing.

More Solana news

MATIC price defends 200-DMA as Polygon bears keep $0.95 in sight

MATIC price is consolidating the swift recovery seen on Friday. Bearish crossover and RSI suggest that the downside remains favored for MATIC. Polygon needs a sustained move above the 100-DMA to negate the bearish bias.

More Polygon News

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point as DOT awaits a range breakout

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance, 50-DMA guards the downside.

More Polkadot News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP