Dogecoin Price Prediction: DOGE, the native cryptocurrency of the largest memecoin Dogecoin, is demonstrating notable resilience in the face of the prevailing market slump, maintaining its value above the key support level of $0.075. On January 19th, Doge witnessed a remarkable rebound, surging 21% from this support level to reach a weekly peak of $0.096.
This surge in value is largely attributed to the optimistic sentiment among Dogecoin investors, fueled by the anticipation that Platform X will adopt Doge as a payment option following the introduction of its dedicated payments account, @Xpayment.
Key Resistance Breakout Hints 27% Rally Ahead
- The DOGE price breakout from a downsloping trendline hints at the end of the correction trend.
- A long-tail rejection candle in the daily chart indicates the asset is sustainable above the $0.082 mark.
- The 24-hour trading volume in Dogecoin is $589.5 Million, indicating a 58% loss.
Dogecoin Price Prediction| TradingView Chart
During the recent downturn in the crypto market, Dogecoin price experienced a notable pullback from $0.106, entering a corrective phase in mid-December. This three-week market decline, guided by a descending trendline, saw the coin’s value drop by 30% until it found reliable support at the $0.075 level.
Interestingly, this support point aligned with the 61.8% Fibonacci retracement level, setting a strong foundation for a potential buyer’s comeback. On January 20th, the Dogecoin price marked an 11.7% increase, successfully breaking through the descending resistance trendline.
This positive shift in momentum coincided with the introduction of Platform X’s payment service handle, @xpayments. This move has significantly energized Dogecoin enthusiasts, boosting expectations for the cryptocurrency’s adoption as a valid payment option on the platform.
As of the latest update, Dogecoin is trading at $0.082, endeavoring to maintain its position above the recently breached trendline. If the buying interest continues, there is a potential for the coin to witness a 27.5% surge, aiming to retest the $0.106 resistance high.
This bullish scenario hinges on the sustained buying pressure and market sentiment around Dogecoin’s possible integration into mainstream payment platforms.
Is Dogecoin Price Ready for Uptrend?
Although the immediate outlook for Dogecoin appears bullish, a broader examination of its long-term chart reveals a period of sideways trading that has persisted for nearly two months. This phase of consolidation is characterized by two converging trend lines, forming what is known as a symmetrical triangle pattern.
The expected rally towards the $0.106 mark is particularly significant as it not only represents an upward movement in price but also signals a potential bullish breakout from the upper boundary of this symmetrical triangle. Such a breakout could provide buyers with a crucial opportunity to break free from the ongoing sideways trend, ushering in a new phase of upward momentum for Dogecoin
- Directional Moving Index: A bullish crossover between MACD and a signal the asset is returning to a recovery state
- Exponential Moving Average: The Dogecoin price jump above the daily EMAs(20, 50, 100, and 200) offers an additional edge to market buyers.
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