Dogecoin (DOGE) Price Analysis: Will the Rally Continue?

Meme coin king has surpassed the $0.1 mark after a long hiatus, but this did not last long due to the fluctuation in BTC price. While discussing the important developments of the week, we previously mentioned that the king cryptocurrency would continue on a positive trajectory until Friday, but it could stabilize due to the impact of the future data on Friday. It happened, so what’s next?

Dogecoin (DOGE)

Readings on the weekly chart indicate that the DOGE price has surpassed the 900-day trend line. Previously, the price had made three unsuccessful attempts to break through the tough resistance. Now, we have seen a new local peak at $0.106. The summit seen in the 10th year of Dogecoin needs to be taken further; otherwise, this will be an unsuccessful fourth attempt.

The RSI indicates that the rise may continue. The BTC price has returned to $43,780 after the recent drop. Whether altcoins will continue to rise depends on at which level BTC will consolidate. If the price lingers in this range for a while, it will provide an opportunity for impressive rallies for altcoins, even if only for a few weeks.

DOGE Price Prediction

The outlook on the weekly chart is still positive, but the setups are reflected late here. Investors watch the daily chart to predict shorter-term movements. Despite reaching the highest level of the new year, the length of the last upper wick on the daily time frame chart is concerning.

Long upper wicks reflect dominant sales, and DOGE has been unable to overcome resistance due to intense supply from large investors for months. If the selling wave gains momentum again, the rally target may have been met. This is particularly noteworthy while there is a correction risk in the BTC price.

The $0.095 resistance area that has been stationary since the beginning of the year is crucial for the future of the price. Popular Turkish crypto analyst floud said he exited his position since the price reached the resistance.

“I sold 95% of the spot (with a 50% profit) and all of my margin position (with an average profit of 20%) in the red box. Losing the $0.085 level can create a squeeze. If it falls into the green box, I would consider buying again, close to the price. Enjoy.”

Despite the price movement being in the downward direction, the daily RSI is in the upward direction. The route that the Bitcoin price will follow and whether the DOGE price can remain above the resistance will be decisive for the future. If we see a successful breakout, there could be a 50% increase to $0.145. On the contrary, we could see a drop to $0.07.