DOGE sideways breakout is a way to $0.2 for traders
A week later, Bitcoin bears are finally in control and the cryptocurrency has rebounded from lows of $56,000 to the current $64,000. As the cryptocurrency market has rebounded over the past two days, meme coins have also gained positive momentum.
Today the top memecoins on Coinpedia are all in the green, with DOGE up 3%, SHIB up 1.05%, PEPE 2.30%, BONK up 1%, and BOME up 2.80%
DOGE Coin Price Analysis
The pioneer of memecoins, DOGE, has recovered the $0.15 level and is currently trading at $1.63. The 50-day moving average at $0.17 provides a glimpse of the short-term trend, while the 200-day moving average at $0.11 provides a broader picture. The overall SMA crossover is bearish, the short-term and medium-term moving averages are bullish, and the long-term is bullish.
A breakout of the $1.63 resistance will set up a move towards the $1.7 resistance level while creating new support levels at $0.145, $0.13, and $0.129.
A trade setup for swing traders is a perfect area where the price consolidates in the sideways channel ($0.12 – $0.16). The stop loss level is $0.12, with an entry at $0.12 and an exit near $0.16. Trend believers can wait for a breakout in either direction, while swing traders can wait between the support and resistance levels.
Dogecoin Price Prediction
The weekly growth of up to 12% has been partly influenced by Tesla’s acceptance of Dogecoin, while the recent effort of Dogecoin to break above $0.16 has also had a positive impact. Onchain data chart also shows that the number of active addresses has exceeded 6.4 million, and the market value has reached 23 billion US dollars.
With the continued growth of interest and the increase in social volume, DOGE tokens are expected to reach $0.2 this week. Pay attention to the next peak above $0.17.
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