DOGE Price Analysis: Will Dogecoin's Rise Continue? - COINTURK NEWS
reklamı kapat

DOGE Price Analysis: Will Dogecoin’s Rise Continue?

10:24 pm (56 days ago)
August 9, 2023

DOGE price recently managed to break a long-term critical resistance level, creating excitement among investors. However, the lack of further price increases has disrupted the optimistic trend, and current developments in the DOGE chart and Dogecoin reviews indicate interesting implications.

DOGE Chart Analysis

Looking at the DOGE chart, it can be observed that the DOGE price has remained below a descending resistance line since May 2021. After reaching $0.739, the DOGE price consistently pulled back to a lower support level. After several unsuccessful attempts in the past six months, it was seen that the DOGE price broke a critical resistance on July 15.

Following this breakthrough, DOGE started to recover and demonstrated its persistence by surpassing the $0.060 support level. This support, or its previous role as resistance, has been causing difficulties for almost 805 days. A similar resistance was also observed in the DOGE/BTC pair.

Breakouts seen in long-standing trends like this are actually known as heralds of a long-term rise and indicate a change in trend. This breakout, indicating the end of the previous trend, is quite positive for the DOGE price.

Expectations for DOGE

Especially Elon Musk’s move on Twitter and his emphasis on the development of payment infrastructure created a positive atmosphere for DOGE. Considering the current conditions, DOGE is prone to rise and actually has a much more moderate stance than the market standards.

RSI for DOGE is also above the 50 level, supporting the upward target. The initial target for the DOGE price is $0.080. With its breakthrough, DOGE can attempt to reach $0.1. DOGE has gained a 1.5% increase in the last 24 hours and demonstrated its momentum.

Especially a moderate development from X can quickly and unexpectedly change everything for DOGE.

You can follow our news on Telegram, Facebook, Twitter & CoinMarketCap
Related Posts