DOGE Price Prediction: Bulls Picked Momentum, What’s Next?

Dogecoin price exhibited a rebound, gaining strength.
Bulls are gaining momentum, targeting the $0.16000 mark.

Amidst a bearish market, the DOGE price has regained strength and is gaining momentum. Notably, the memecoin maintained the 100-day EMA mark and is attempting to surpass $0.16000. The price action displays a minimal retracement of over 26%, remaining above the mid-Bollinger band support zone, indicating a neutral price structure.

At press time, Dogecoin (DOGE) traded at $0.1503 with an intraday gain of 0.19%, reflecting neutrality on the charts. It has a monthly return ratio of -13.20% and 89.27% on a yearly basis. The DOGE/BTC pair is at 0.00000234 BTC, and the market cap stands at $21.65 billion. Analysts maintain a neutral stance, suggesting that DOGE may retain strength and regain momentum in upcoming sessions.

DOGE Price Volume Profile Analysis on Daily Chart

The daily charts for DOGE indicate a consolidation price movement in the last trading session. However, the trend remains neutral, and buyers are anticipated to surpass the 50-day EMA mark to regain momentum. Intraday trading volume surged over 36.29% to $1.90 billion.

Price Volatility & Weighted Sentiment Outlook

Amidst the price rebound, DOGE has experienced a decline in price volatility this week. The price volatility curve dropped by over 22.90% to 0.0078. However, the weighted sentiment value remained below the midline at around -0.422.

Social Dominance and X Followers Insights

According to Santiment data, social dominance has declined by over 22.40% to 0.98%, indicating a decrease in discussion reports. Conversely, X followers have increased by over 42.89% to 2561.

Development Activity and Total Open Interest Insights

Despite a significant price upmove of over 11% this week, development activity has witnessed a consistent decline of over 19.67%, falling below the midline around 2.6, suggesting a neutral outlook. However, derivative data indicates short covering, with open interest decreasing by over 7.79% to $10.4 billion in the intraday session.

Technical Analysis

Based on Fibonacci levels, DOGE is trading near the 38.2% zone and above the 38.2% region. The RSI curve remains near the midline, indicating a positive crossover. Additionally, the MACD indicator suggests a bullish crossover, hinting at a significant pullback ahead.

The total supply of DOGE is 143.81 billion, while the volume-to-market cap ratio is 0.0879. It ranks 9th in terms of market cap in the global crypto market.

Summary

The Dogecoin price is trading near the demand zone, above the 100-day EMA support zone. Bulls have begun accumulating, attempting to boost gains and outperform in the upcoming sessions.

Technical Levels

Support Levels: $0.1440 and $0.1350
Resistance Levels: $0.1650 and $0.1800

Disclaimer

The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice.