Dogecoin (DOGE) Price Analysis: Key Levels to Watch - COINTURK NEWS
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Dogecoin (DOGE) Price Analysis: Key Levels to Watch

11:05 am (10 days ago)
September 17, 2023

The meme coin king, Dogecoin (DOGE), is holding the $0.06 region and finding buyers at $0.061 at the time of writing. But what’s next? While Elon Musk has been neglecting DOGE investors for a while, DOGE is consolidating an important region again with the help of the overall market sentiment. Let’s take a look at the expectations and price predictions based on the current data.

Dogecoin (DOGE) Price Target

After the recent dip, the price has gained nearly 4% within 24 hours, reaching the $0.059 level. The upcoming FOMC meeting highlights the potential for excessive volatility in DOGE. Examining the critical price levels, the Fib levels between the highest level of July at $0.0838 and the lowest level of June at $0.0530 could be helpful. According to the analysis, bulls have consistently defended the 23.6% Fib level at $0.0603 in June, August, and September.

Between mid-August and mid-September, DOGE consolidated losses above the same 23.6% Fib level ($0.060). A false breakout to the 50% Fib level ($0.068) led to a retreat from $0.060 in late August. If September 20 goes well for the overall market, we may see the price targeting the $0.0648 and $0.0684 levels. If the king crypto surpasses $28,000, $0.075 could be possible in this scenario.

DOGE Price Analysis

Another key level that Dogecoin investors should pay attention to is $0.0603. A daily close below this level could reverse the expectation of an uptrend. The target support level in the event of a possible decline is $0.0556. The CMF data suggests a decline in investor inflows for DOGE. The RSI, on the other hand, has been trading in oversold levels since mid-August, reinforcing the increasing selling pressure over the past four weeks.

With the volatility in DOGE price, we have seen an increase in short positions in the futures market. Particularly, the rising short positions in the last three days indicate that the majority of daily traders are preparing for further declines.

Additionally, Binance Futures data showed that the Open Interest of DOGE fluctuated above $74 million in the past four weeks (since mid-August). This indicates a stagnant demand for DOGE.

Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making any investment decisions.

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