Price: $0.19195 -2.9532%
Market Cap: 28.16B 1.1035%
Volume (24h): 4.38B 0.2%
Dominance: 1.1035%
Price: $0.19195 -2.9532%
Market Cap: 28.16B 1.1035%
Volume (24h): 4.38B 0.2%
Dominance: 1.1035% 1.1035%
  • Price: $0.19195 -2.9532%
  • Market Cap: 28.16B 1.1035%
  • Volume (24h): 4.38B 0.2%
  • Dominance: 1.1035% 1.1035%
  • Price: $0.19195 -2.9532%
Home > Information news > Dogecoin Price Trends Upward in 2024

Dogecoin Price Trends Upward in 2024

Release: 2024/02/21 06:28 Reading: 795

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/65d4ee6237319a6d66a8b276

You can also read this news on COINTURK NEWS: Dogecoin Price Trends Upward in 2024

Dogecoin price followed an upward trend in 2024, reaching a notable formation’s resistance trend line in chart analysis. This movement was also observed by analysts as Dogecoin’s second attempt to surge. Will Dogecoin succeed at this point? We examine this with detailed chart analysis, significant support and resistance levels, and expert opinions.

Weekly DOGE Chart Analysis

The weekly chart’s technical analysis shows that the DOGE price broke out from a decreasing resistance trend line in November 2023. The trend line had been in focus for 400 days before the breakout. DOGE reached a high level of $0.107 before the decline. However, the DOGE price jumped at the resistance trend line in January 2024 and showed an increase despite being below the highest level of 2023. The weekly Relative Strength Index (RSI) supports the continuation of this rise.

RSI is a momentum indicator that investors follow with interest, as it helps them assess whether a market is overbought or oversold and whether an asset will be accumulated or sold.

RSI readings above 50 and an upward trend indicate that bulls are still at an advantage, while readings below 50 suggest the opposite. When the price jumped at the resistance trend line, the RSI rose above 50 (green circle), supporting the movement.

Daily DOGE Chart Analysis

The daily chart shows that DOGE has been trading within a rising parallel channel since June. It initially broke above the channel in November 2023 but fell back into the channel shortly after. Despite the drop, DOGE rose to the channel’s mid-line and is now attempting to break out from the resistance trend line (red symbols). The daily RSI supports the likelihood of a breakout as it is above 50 and rising.

Cryptocurrency investor InmortalCrypto predicts that Dogecoin will soon end its long-term consolidation phase and start a new bull run. If DOGE exits this channel, it could first increase by 17% and reach the next resistance at $0.103.

Despite the rising Dogecoin price prediction, a rejection from the channel’s resistance trend line could lead to a 12% drop to the mid-line at $0.078.

The post first appeared on COINTURK NEWS: Dogecoin Price Trends Upward in 2024

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.