Price: $0.39534 2.2461%
Market Cap: 58.07B 1.79%
Volume (24h): 10.8B 0.4%
Dominance: 1.79%
Price: $0.39534 2.2461%
Market Cap: 58.07B 1.79%
Volume (24h): 10.8B 0.4%
Dominance: 1.79% 1.79%
  • Price: $0.39534 2.2461%
  • Market Cap: 58.07B 1.79%
  • Volume (24h): 10.8B 0.4%
  • Dominance: 1.79% 1.79%
  • Price: $0.39534 2.2461%
Home > Information news > Dogecoin (DOGE) Price Analysis and Forecast

Dogecoin (DOGE) Price Analysis and Forecast

Release: 2024/01/16 06:28 Reading: 761

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/65a5a17e643253530aebf6f7

You can also read this news on COINTURK NEWS: Dogecoin (DOGE) Price Analysis and Forecast

The fallen king of meme coins yearns for its former glory but fails to attract the desired trading volume, resulting in weak price performance. Influenced by Bitcoin‘s downturn, the price has once again dropped to the $0.08 region. The ease with which hard-won resistance levels are lost is also due to relentless miner selling. So, why is this week critical for Dogecoin?

Dogecoin (DOGE) Commentary

Weekly chart readings for DOGE indicate that the price has remained below the decreasing resistance line since October 2022. After hitting a new low in June 2023, the price has somewhat recovered due to the overall market sentiment improvement. DOGE set its annual peak on December 11 at $0.107 but has not yet returned to that level.

The weekly RSI dropped back to the neutral zone while testing the price resistance trend line but has since recovered slightly. As we mentioned in our weekend on-chain analysis, miner selling continues, which has been reinforcing resistance levels for a long time.

Moreover, the absence of the Elon Musk factor is contributing to the community’s lack of enthusiasm. Under current conditions, the weekly outlook is close to negative.

DOGE Price Prediction

The daily chart offers a clearer negative reading. DOGE price has been trading within a rising parallel channel on the daily chart since June 2023. Although it broke in December, the price tested the resistance trend line twice. However, the upward expectation has significantly weakened due to the price’s retreat within the channel at the start of 2024.

ETF excitement drawing attention to BTC and the market-shaking Matrixport report at the beginning of January were factors feeding this negativity. Moreover, Elon Musk repeatedly emphasized his disregard for cryptocurrencies after a few weeks.

Now, we must set aside all these bearish predictions and listen to popular crypto analyst WorldOfCharts. According to him, despite the negativity, DOGE price could experience a noteworthy rise this week.

“It’s consolidating in a bull flag and I expect a successful breakout soon, potentially reaching 50.”

In conclusion, we should see a significant technical breakout this week. A break from the channel could initiate a move to the next resistance at $0.115, but in the reverse scenario, we could see a drop to $0.062.

The post first appeared on COINTURK NEWS: Dogecoin (DOGE) Price Analysis and Forecast

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.