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Dogecoin price prediction: Colossal explosion awaits DOGE/USD beyond $0.0500

Cryptopolitan


TL;DR

  • Dogecoin price prediction all set to reveal new highs as the price hovers near $0.04855
  • The massive resistance at $0.050 remains a crucial challenge for the uptrend
  • Investor sentiment and day traders are piling up fresh buy orders
  • The seller congestion may ease out once the price closes above the $0.0500 level
  • Huge positive sentiment buoying Dogecoin price prediction
Cryptocurrency heat map by Coin360

The Dogecoin price prediction has come down from the wild region and back into the realm of technical studies. Dogecoin is stirring up the crypto trading arena with its wild movements ever since it got tweet support from Elon Musk. The Tesla founder gave his support to Dogecoin through a series of tweets, which confirmed his positive views about cryptocurrencies.

At the time of writing, DOGE/USD is hovering near the $0.046 level. The price has consistently tried to cross the $0.055 level and reach fresh all-time highs beyond the $0.07360 peak. The explosive price action has attracted large and small traders alike who want to make some quick bucks. Nonetheless, the DOGE/USD is charting fresh new highs and is well past the consolidation stage.

After the massive price surge, the Dogecoin corrected a fair bit to re-enter the Bollinger Bands. Despite the correction, the price has maintained most of its gains from the recent sharp uptrend. Dogecoin price prediction shows that DOGE/USD is poised for a clean breakout above the ascending price channel.

Dogecoin price movement in the last 24 hours – Next bull run imminent beyond $0.050

The hourly charts show that Dogecoin is trading above key moving averages. Whether it is the 100-day simple moving average or the 50-day exponential moving average at $0.0300, the price is eclipsing both of them to trade higher. The rising price channel is sloping upwards and heading towards the $0.0500 resistance, where the price can witness some short selling.

The 18-day simple moving average is near the middle of the ascending price channel but below the price. The same zone can act as a support point that can turn into an accumulation area for the bulls. Any rebound from this region could propel DOGE/USD towards the $0.0560 level.

However, traders and investors must keep the high volatility in mind before undertaking extreme long positions. The highly volatile Dogecoin price prediction can change patterns at lightning-fast speeds. A clear breakout above the $0.0560 resistance can take the price to fresh new highs above the $0.07360 peak. The expanding Bollinger Bands on the daily charts show that price can touch the $0.0860 mark on the back of sustained buying momentum.

DOGE/USD 4-hour chart – Bulls are still in the driving seat

Dogecoin price prediction: Colossal explosion awaits DOGE/USD beyond $0.0500 2
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Dogecoin price chart by TradingView

The DOGE/USD hourly charts are now cooling off after the surprise uptrend. The bulls must show sustained buying above crucial resistance at $0.0500 to push the price higher on the upside. The price is hovering atop the symmetrical triangle meaning there is room for further upside. Successive lower highs despite overbought technical indicators show that the buying action is relentless.

The rising trendline from the 100-day simple moving average shows that the price is posting higher lows. The same pattern can predict trend breakouts since the price refuses to back down and is trying to cross technical resistance levels. A breakout may happen any time near the upper end of the trendline.

The RSI on hourly charts is showing a reading of 57, signifying decent upside potential. The social media buzz around Dogecoin price prediction can help the price fly again. On the other side of the fence, the sellers are piling up sell orders near the $0.0500 resistance. A breakout above this resistance can cause a short-squeeze, which can see the price skyrocket towards $0.07300 quickly.

Dogecoin price prediction conclusion – Bulls must act quickly to use volatility to the max

The DOGE/USD pair is currently enjoying the limelight of the crypto market. The high liquidity means there are high volumes and volatility. Such factors can be used to propel the price further. But the bulls must gather sufficient buying momentum to attract more buying. The ‘Fear of Missing Out’ is already there for DOGE/USD pair. The bulls must act quickly before the selling pressure increase and takes the fizz out of the current rally.

On the downside, the price will find support at $0.0312. Multiple moving averages, including 100-day SMA and 50-day SMA, will help absorb any sustained selling rallies. In case the bear rally intensifies, the pair can slide towards the $0.0097 level pretty fast. Overall, the Dogecoin price prediction is returning to sanity, but the wild streak is still in the price action.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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