Dogecoin Price Prediction: DOGE Can Skyrocket Above Conceptual Round Level, Wait for Breakout

The price of Dogecoin (DOGE) is moving towards the $0.10 round figure.
Buyers found support at the $0.065 pivot support level on the daily chart.
The bulls finally pushed the Dogecoin price above the 20 EMA on January 9th.

Dogecoin price (DOGE) is trading higher over the past several days as technical indicators promote accumulation for this week. Monday’s volatile session fueled a possible upward trend in the crypto. Dogecoin has already reflected a strong bullish breakout over the past few days.

As of now, Dogecoin price represents a slight downside bias against USDT today as the price remains at the $0.07716 mark. This correction in prices was expected as the bulls have recorded three consecutive bullish candles so far.

DOGEcoin price is in an uptrend after rallying from the 60-day low at $0.06581. At the same price point, the support of the Pivot Indicator is the critical level. Later, buyers recovered around 10% from the monthly low to the weekly high. On the monthly chart, the price candle shifts below the previous swing low, therefore forming a high-low price structure.

The hourly chart continues to move up. Buyers pushed the crypto past the 20-day exponential moving average in terms of the daily price scale. According to the data from CMC for the last 24 hours, after a bullish breakout, the market capitalization of DOGEcoin was recorded at $10.22 billion.

The bears are ready to dump the crypto price in the red zone of volatility — the 200-day exponential moving average (white). Meanwhile, this soft upward move could continue the uninterrupted trend till the $0.083 level (the next resistance of the pivot indicator). Amid recovery, the Money Flow Indicator (MFI) hit a 30-day high of 73.9, suggesting an inflow of funds into the market.

On a daily basis, the RSI top is moving along a semi-line with a double bottom formation in the oversold zone. Still more strong signals are needed from the buyers to put buying pressure on Dogecoin. Going forward, after a bullish crossover, the MACD is continuing to extend higher to leave the negative zone.

Conclusion

Dogecoin price (DOGE) has the potential to move higher above the $0.080 round level this week. RSI and MACD continue to watch for higher momentum. Moreover, the 30-day lower has become an important support level for the coming days.

Support level – $0.0680 and $0.050

Resistance level – $0.080 and $0.10

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing