The DOGE crypto is struggling to break out of a range-bound zone for the last couple of weeks. The crypto has been hovering in a tight range and going nowhere. The crypto is witnessing volatility in the range.
As observed on a daily chart, the DOGE price has been stuck between the two key important EMAs of 50-Day and 200-Day. The 200-Day EMA has been acting as dynamic support whereas the 50-Day EMA has been acting as a discounted level for the sellers and has turned into a supply zone.
For the last two sessions, the price has been holding at the lower zone of the range indicating early signs of a breakdown. Fresh downside moves may be observed if the support at $0.0780 is broken.
At the time of writing, the DOGE crypto price was hovering near $0.780 with a swift Intraday drop of 0.25%. The crypto has a total market cap of $11.182 Billion and ranks 10th in the overall crypto market. It has a 24-hour volume of 235.53 Million with a rise of 10.84% over yesterday.
Dogecoin Crypto Price Trend Analysis
The long-term outlook for the DOGE crypto suggests a neutral outlook as the price hovers near the 200-Day EMA. The bulls and bears are in a tough fight and unable to find a clear direction as of now.
Earlier, dogecoin crypto maintained a strong outlook till the mid December 2023 and posted an upward trajectory over the charts. The crypto reversed its course after breaking out of consolidation in the third week of October 2023.
Looking over the past few months, Dogecoin crypto peaked at $0.10 in December after rising from a low of $0.06 thus gaining nearly 70% value. However, a selling wave has been observed from the very start of year 2024 which has dragged the DOGE token near the 200-Day EMA.
The short-term trend and the long-term trend is indecisive due to consolidation. The 50 and 200-Day EMAs have been acting as a support and resistance on the daily chart. The breakout or breakdown of the key EMAs on either side may decide the next direction movement in the Dogecoin crypto.
Dogecoin Price Prediction February 2024
As per the most optimistic view of our analysts, the DOGE price could reach a high of $0.0869 if it breaks on the upper side above the 50-Day EMA. The bearish view of analysts expects a possible downside move till $0.077 after the breakdown of 200-Day EMA.
Dogecoin Price Prediction 2024
The price prediction for 2024 shows that Dogecoin crypto may advance to a high of $0.1334 by the end of 2024. The less optimistic analysts estimate a price target of $0.1076 by 2024 end.
Dogecoin Price Prediction 2025
On the most bullish observation, Dogecoin crypto could reach a high of $0.181 in 2025. On the flip side, the most pessimistic prediction of our analysts is for the price to reach $0.128.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/02/06/dogecoin-price-finds-ground-near-demand-zone-potential-scenarios/