The price of Dogecoin (DOGE) has fallen below the $0.45 mark. Since November 12, buyers have failed to maintain the price above this level. According to long-term forecasts, the outlook for Dogecoin is bullish. Through Fibonacci analysis, DOGE could potentially rise to a high of $0.50, followed by a pullback near the 1.272 Fibonacci extension level or the $0.50 high.
Today, DOGE faced pressure, quickly dropping to a low above the 21-day moving average. If the 21-day moving average support holds, the price will continue to consolidate above the 21-day moving average support and below the $0.45 resistance level. Price indicators suggest that the value of the cryptocurrency may rise. However, if it falls below the 21-day moving average, it indicates that selling pressure persists, and DOGE may drop below the 50-day moving average. Currently, the value of DOGE is $0.40.
DOGE is in a downtrend, approaching the 21-day moving average, which serves as a support line. Despite the recent price drop, the 21-day and 50-day moving averages are still moving above the moving average line. On the 4-hour chart, the cryptocurrency price has fallen below the moving average line, indicating a price slump.
Technical Indicators
Resistance levels $0.45 and $0.50
Support levels – $0.30 and $0.25
Will the DOGE price reach $1 soon?
In the past 24 hours, the price of Dogecoin has increased significantly by 4%, eventually rising to $0.4227. The opening price for the day was $0.402, and the price quickly climbed, reaching a high of $0.4226, showing remarkable upward momentum. Over the past month, Dogecoin has seen an increase of up to 167%, demonstrating a strong upward trend in the market.
This strong performance has led the market to generally expect Dogecoin to break through the key resistance level of $0.50. If successful, the token is expected to rise to $0.70 before the end of the year. Given the sustained enthusiasm among investors and increasing buying pressure, the price prediction for Dogecoin may even exceed $1, marking a significant milestone for the cryptocurrency.
From a technical analysis perspective, related indicators also support this optimistic outlook. The Moving Average Convergence Divergence (MACD) shows a slight positive change, with the MACD line slightly above the signal line, indicating a positive market trend.
Additionally, the Chaikin Money Flow (CMF) indicator is at 0.8, indicating that funds are still flowing into the Dogecoin market. Therefore, the current market's buying enthusiasm remains strong enough to support further short-term increases.
Overall, the recent rapid rise of Dogecoin and solid technical indicators suggest that its bullish trend continues. With increased investor attention and the key resistance level approaching, Dogecoin is likely to see a significant surge and successfully break through the $1 mark as the bull market continues.
