Dogecoin’s 8-month high – What does its price prediction have in store?

Journalist

Posted: December 13, 2023

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• Dogecoin was trading just below the $0.1 level, a high not tested for a year
• The next trend of Bitcoin could have a strong impact on DOGE

Dogecoin [DOGE] has performed well in the markets since October. In fact, a recent report highlighted that just another meme coin has outperformed DOGE over the past week. Whether that trend can be maintained remains to be seen.

What was clear, however, was that DOGE bulls had a strong conviction in the prevailing uptrend. The former resistance just below $0.1 was flipped to support, paving the way for another surge past highs not seen since last December.

One after another, each of the previous lower highs was flipped to support

Source: DOGE/USDT on TradingView

The uptrend of Dogecoin began on 28 October when both the trendline resistance from November 2022, as well as the three-day market structure, were both breached. Since then, DOGE has inexorably advanced forward.

The resistance at $0.1065 stretched back to February 2022. Back then, it served as a support for a few brief days before giving way. In December 2022 and April 2023, this region served as a supply zone. It was still a resistance zone, but the $0.095-level appeared to be flipped to support.

The On-Balance Volume and RSI showed steady buying pressure and strong bullish momentum, respectively. DOGE offered a buying opportunity with invalidation just below $0.1, targeting $0.1065, $0.112, and $0.131.

Volatility of the past few days saw liquidity on both extremes swept

Source: Hyblock

On 11 December, Dogecoin climbed to $0.10725 and just a few hours later, descended to $0.0927. This came in the wake of heightened volatility across the market as Bitcoin tumbled from $44k to $40.4k.

How much are 1, 10, or 100 DOGE worth today?

At the time of writing, the liquidation heatmap showed that the next large pool of liquidity is at $0.088 to the south and $0.108 to the north. Based on AMBCrypto’s technical analysis, further upside is likely. A move below the $0.092-mark would indicate that $0.088 or lower is up next for the meme coin.