|

Dogecoin Price Prediction: DOGE remains on track to hit new all-time highs at $1

  • Dogecoin price shows resilience as it treads the demand zone extending from $0.489 to $0.522.
  • The 100 four-hour SMA at $0.504 coincides with this range and adds credence to a potential bounce from this level.
  • Clearing the $0.569 resistance barrier will allow DOGE to skyrocket 75% to $1.

Dogecoin price is hovering around a confluence of support levels that promise an upswing to record levels. A breakdown of the immediate resistance level will confirm the start of this bullish trajectory.

Dogecoin price remains bullish

Dogecoin price is currently hovering inside the demand barrier that stretches from $0.489 to $0.522. Interestingly, this zone harbors the 100 four-hour Simple Moving Average (SMA) at $0.504. Hence, a quick bounce from this confluence seems likely.

If this short-term spike pushes Dogecoin price above $0.569, it would confirm the start of an uptrend. Under these conditions, investors can expect DOGE to surge 23% to tag the first resistance level at $0.696. Following the breach of this ceiling, $0.739 is the next area of interest, the present all-time high.

Clearing this swing high will open up Dogecoin price to surge to $1. All in all, this trajectory would be a 75% bull rally from $0.569.

Although unlikely, a breakdown of the demand zone’s lower boundary at $0.489 will lead to a 15% downswing to the support level at $0.416. This move will not invalidate the optimistic outlook explained above. If this bearish descent continues, market participants can expect a quick reversal as Dogecoin price tags the 200 four-hour SMA at $0.390.

DOGE/USDT 4-hour chart

DOGE/USDT 4-hour chart

The uptrend outlook detailed above isn’t set in stone and is subject to change if the market conditions worsen. Therefore, a sudden spike in selling pressure that slices through the 200 four-hour SMA and produces a decisive 4-hour candlestick close below $0.325 will invalidate the bullish thesis.

Under these circumstances, Dogecoin price will likely slide 10% to tag $0.288.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.