Dogecoin (DOGE) Price Analysis

Unveiling Dogecoin's Path to $1: Insights from Whale Transactions

The cryptocurrency market continues its bullish price action as the price of Bitcoin rallies past $44,000, with the likes of Dogecoin (DOGE) gaining from the recent price action.

Despite the Bitcoin Fear and Greed Index reaching 75% in the last 5 days, overall sentiment in the crypto market is currently positive. A retracement to key support levels is anticipated, providing an opportunity for others.

Amid the uptrend, Dogecoin, the firstborn memecoin, has shown a bullish price action as price eyes $0.15 after several weeks of accumulation and consolidation.

The past 7 days have been bullish for Dogecoin, which gained by over 24%, as there has been much interest in buy action around the region of $0.075 to $0.085. DOGE recently broke out of this range with strong bullish price action. 

Related article: Dogecoin (DOGE) Hits Over Five Million Wallet Addresses Milestone

Dogecoin (DOGE) Price Analysis on a Daily Time Frame

Notably, Dogecoin has had a tough time during the bear market, witnessing a price drop of over 90%; it struggled to gain bullish momentum, leaving bears to dominate its market and price.

DOGE broke out of its downtrend channel to reclaim a price above the 50-day Exponential Moving Average (50-day EMA), indicating a shift from a bearish to a bullish trend amid a surge above the key resistance of $0.095.

Furthermore, with DOGE looking strong above $0.095, a price rally within the region of $0.15 shouldn’t be disputed, considering how it is holding above its daily 50% Fibonacci retracement with strong buy volume as indicated by its Moving Average Convergence Divergence (MACD).

At the time of writing, Dogecoin’s value is $0.1019, which has recently surpassed the psychological threshold of $0.10. The asset is up 17.1% over the last 24 hours, with a 131.27% surge in trade volume to $2,203,224,700.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :