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- Dogecoin price has climbed by 50% in October.
- The trading volume has dropped by 10% to $3.37 billion over the past 24 hours.
Dogecoin (DOGE) price has witnessed sharp buying momentum after the breakout from a falling wedge. The token’s price surged by 76% since September, heading toward a multi-year high. It has triggered a pullback by taking support on the 20-day EMA and jumped by 35% in a few days.
The DOGE price has reached the last swing high and witnessed a 3.23% fall. A short-term pullback could be anticipated if buyers remain in the game. Let’s explore how the Dogecoin price reacts near the $0.1800 territory.
Technical Analysis of DOGE Price Over 4-H Timeframe
In a 4-H time frame, the DOGE crypto price has witnessed a strong bullish rally. The price has displayed a pullback as a small dip. It took support on the previous crucial level of $0.130 and performed positively.
The bullish trend has dropped near the $0.176 level by 3.23% in the past few hours. Short-term profit booking can be seen, and buying pressure can be anticipated as the market is bullish. If buyers show interest and lift the price over the last swing high, another rally can be expected.
Does the DOGE price Have the potential to gain 30% next week?
At press time, the DOGE price was trading at $0.169, with an intraday loss of 3.49%. The market capitalization was $24.84 Billion and ranked 8th among big players. It is the biggest memecoin and one of the top ten strongest cryptocurrencies.
The DOGE crypto has extended to the supply zone of $0.176. Previously, the price has received selling pressure twice. Here, the crypto asset price may lose momentum, and a mild fall can be seen.
If the price drops below the $0.155 mark, sellers may dominate, and a pullback scenario could be difficult. Losing this level could invite sellers, and strong selling pressure can be seen.
On the other hand, buyers might be attracted if the digital asset price surpasses the $0.176 mark with good volume. Here, buyers may be eyeing the multi-year high. A slight pullback may lead to a gain of around 30% by next week.
Based on the technical indicators, the price was trading over the key moving averages. That showed the bulls’ strength. RSI was in the overbought zone and stayed over the RSI-based moving average.
Dogecoin Price Prediction
The DOGE price chart has demonstrated significant upward momentum, rising 50% in October. Additionally, it has shown robust buying activity after a breakout from a falling wedge pattern.
Currently trading around $0.169, it faced resistance at the $0.176 level. There, the token experienced some profit-taking.
However, with strong bullish indicators and potential support levels, there is a likelihood for further gains. It could reach a multi-year high.
The price may maintain above the crucial $0.155 mark and break the $0.176 resistance with substantial volume. If this happens, a further gain of approximately 30% could be anticipated in the coming week.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
