Dogecoin Price Prediction as $1 Billion Sends DOGE Soaring 14% – $1

Original author：Crypto World Daily

Original source：https://www.youtube.com/embed/BC_GYB2wq7o

Arslan Butt

Last updated:

January 21, 2024 05:30 EST
| 2 min read
















































Dogecoin (DOGE), the memetic mainstay of the crypto world, has witnessed a remarkable 14% surge in its value, following a massive $1 billion injection into its market. As of January 21, DOGE is trading at $0.085185, with a notable 24-hour volume of approximately $1.17 billion.
Currently ranking 9th by market capitalization, Dogecoin boasts a live market cap of over $12 billion, reflecting significant investor interest.


With a substantial circulating supply of nearly 142.75 billion DOGE coins, the market is abuzz with speculation about the potential for Dogecoin to reach the elusive $1 mark.
Dogecoin Price Prediction

Dogecoin’s (DOGE) market presence has been subject to a significant technical maneuver as it recently completed a 50% Fibonacci retracement at the $0.0861 mark. This retracement indicates a critical juncture; the price reaction around this level could set the tone for DOGE’s short-term trajectory.

Currently, DOGE is trading slightly above this level, hinting at a consolidative phase. The pivot point, delineated by the green line at $0.08188, acts as a fulcrum for price action, with DOGE oscillating around this axis.


Should DOGE sustain its momentum and breach the 50% retracement level, it could face resistance at $0.09184, which aligns with the 23.6% Fibonacci level.
Further upward movements might confront additional resistance at the psychologically significant $0.09700 level, which market participants may eye as a potential target in the event of a bullish resurgence.
On the downside, if the price slips below the pivot, the 61.8% Fibonacci level at $0.08340 could be the next arena of interest for support.
A breach of this support might trigger a test of sturdier foundational support at $0.08005, a critical threshold that could dictate whether DOGE’s market sentiment veers into bearish territory.
Dogecoin Price Chart – Source: Tradingview
The Relative Strength Index (RSI), currently at 58.26, indicates a neutral market, with no immediate signs of overbought or oversold conditions. This neutrality could suggest a standoff between buyers and sellers as they navigate the current market landscape.
Furthermore, the Exponential Moving Averages (EMAs) provide additional insight; the 50 EMA at $0.08188 offers a baseline that reinforces the pivot point’s significance. Should DOGE’s price sustain above the 50 EMA, it may embolden...

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