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DOGECOIN PRICE ANALYSIS CMP- $0.08900: DOGE has surged to a fresh one-month high, Bulls are eyeing towards $0.10

After two weeks, the price of Dogecoin skyrocketed to $0.089. However, the price was volatile and experienced several fluctuations. In recent days, the Dogecoin price has stabilised and is currently trading around $0.090.


23 Jan 2023 By : Coin Gabbar
DOGECOIN PRICE ANALY

The price of Dogecoin may very well surge again in the coming weeks; however, we anticipate that the market will first settle down. Many speculative investors will be waiting for market signals before making any moves. A Dogecoin rally could occur unexpectedly at any moment.

The formation of a double bottom pattern reveals multiple reversals from the $0.071-$0.068 mark, confirming this level as a major accumulation zone. The memecoin recently bounced back from this identified support and is now attempting to break through a local resistance of $0.090.

Despite the recent higher price rejection candles at the $0.090 resistance level, sellers have continued to defend this level since last week. If this supply pressure persists, Dogecoin could experience a period of consolidation between the $0.090 resistance and the $0.080 support. This minor consolidation could be beneficial for Dogecoin, as it would help to neutralise the excessive buying from the prior recovery and ensure sustainability above the recently reclaimed support.

A bullish breakout from the $0.090 level could indicate the resumption of the DOGE price's upward trajectory. If this breakout occurs, it could propel the price 22% higher and challenge the $0.11 neckline resistance of the double bottom pattern.

Dogecoin is gaining momentum above the $0.085 resistance against the US Dollar, with the potential for further gains if the $0.092 resistance is breached. After forming a strong base above the $0.065 zone, Dogecoin's price has been steadily increasing. The cryptocurrency has remained well-bid and has surged above the $0.075 resistance.

This has led to a clear move above the $0.080 resistance zone, kickstarting a notable rally. The price has surpassed several key levels near the $0.085 level and has settled above the 100 hour simple moving average, similar to Bitcoin and Ethereum. A new yearly high was formed near $0.0934 and the price is now consolidating its gains.

The Dogecoin price is currently trading near the 23.6% Fibonacci retracement level of the upward move from the $0.0768 swing low to the $0.0934 high. Moreover, Dogecoin is trading above the $0.0850 zone and the 100 simple moving average, indicating a strong bullish momentum. Additionally, there is a major bullish trend line forming with support near $0.0830 on the 4-hour chart of the DOGE/USD pair, suggesting that the price could continue to rise in the near term.

The price is facing resistance near the $0.0915 level, with the first major resistance being near the $0.0920 level. If the price breaks through this resistance, it could surge towards the $0.098 level. Further gains could then propel the price to the $0.100 level, and if this is breached, a rally towards the $0.112 level could be on the cards.

If Dogecoin fails to gain momentum above the $0.092 level, it could trigger a downward correction. The first level of support is near the $0.0880 mark. The next major support is near the $0.085 level, which is also the 50% Fibonacci retracement level of the upward move from the $0.0768 swing low to the $0.0934 high. If the price breaks below the $0.085 support, it could continue to decline. In this case, the price could drop to the $0.082 level and the trend line.

According to Price Analysis, this DOGE market capitalization is expected to be $11,820,446,632. The coin's 24-hour trading volume is around $944,171,217. The market capitalization of DOGE has risen by 3.92%. During intraday trading, however, transaction volume rose by 56.72%.

KEY LEVELS :

RESISTANCE LEVEL : $0.09200-$0.09600

SUPPORT LEVEL : $0.08500-$0.08000

In the past fortnight, the crypto market has experienced a remarkable surge. While Bitcoin, Ethereum, and a plethora of other altcoins have seen considerable gains in recent days, Dogecoin's gains appear to be particularly impressive. Over the last week, the DOGE price has risen by a staggering 6%. Could Dogecoin be on the brink of reaching $0.100? Please share your views in the box below.

WHAT'S YOUR OPINION?

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