- Dogecoin price has surged as soon as Elon Musk, a multibillionaire businessman proclaimed his ownership over Twitter.
- The positive effects got so real that DOGE ended up becoming the eighth largest cryptocurrency after surpassing Cardano and Solana.
- The pair of DOGE/BTC is at 0.00000644 BTC with an intraday drop of 7.06%.
Dogecoin price prediction suggests that the cryptocurrency is facing a little correction after recovering over the daily chart. DOGE crypto is trying to maintain its recovery rate and to accomplish its recovery DOGE must attract more buyers in the intraday trading session. However, the current pace of traders is low and hence DOGE the meme coin is falling towards the lower level of the long term consolidation phase. Talking about the long term consolidation phase the DOGE cryptocurrency has been stuck inside the range of $0.173 and $0.060, which is a huge gap. Finally, DOGE crypto signaled some positive signs of recovery after ELon Musk’s backing over the profound token.
Dogecoin price is currently approximated at $0.1305 and has lost 7.99% of its market capitalization in the last 24-hour period. Trading volume has decreased by 36.65% during the intraday trading session. This indicates the downtrend of DOGE coin after the sudden recovery over the chart.
Dogecoin price is trying to sustain at the current level and is trying to avoid the correction in its price. However, volume change signifies that the volume bar is above average line and under control of sellers. DOGE crypto must attract buyers in order to sustain at the current level.
Looking upon the numbers DOGE can have a good time ahead in the year 2023 or at least for some time. The craze and hype of DOGE crypto has been experienced all over the twitter as the cryptocurrency rallied over the charts. DOGE must maintain this recovery rate to provide some great outputs to the investors.
DOGE Barking from the Extreme Overbought Territory!
Dogecoin price prediction suggests the return of DOGE price from the extreme oversold territory with downtrend momentum, being confirmed by technical indicators. Moreover, the bollinger band hasn’t signaled anything yet. The price action of DOGE cryptocurrency is at the upper band and is about to cross the upper band of the bollinger band. This signals that DOGE coin price may return from the current level.
Relative Strength Index showcases the downtrend momentum of DOGE crypto. RSI is at 77 and is returning from the extreme oversold territory. MACD exhibits the uptrend momentum of DOGE coin. The MACD line is way ahead of the signal line after a positive crossover. Investors in DOgecoin must wait for any directional change over the daily price chart.
Conclusion
Dogecoin price is trying to sustain at the current level but looks like sellers are overpowering the situation. DOGe crypto rallied bullishly after Musk took over twitter. However, DOGE falters to sustain and is currently facing some sort of selling pressure. Technical indicators suggest that DOGe investors need to wait for any directional change over the daily chart.
Technical Levels
Support Levels: $0.115 and $0.095
Resistance Levels: $0.157 and $0.173
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/11/02/dogecoin-price-prediction-is-doge-ready-for-its-bullish-road-all-because-of-the-twitter-deal/