Dogecoin, the internet’s favorite meme coin, has dipped to the $0.15 level, raising questions about its future trajectory. While some fear a downward spiral, technical analysis suggests there might still be hope for a bullish rebound. Let us examine the latest DOGE price action and explore what the charts tell us.
Current DOGE Situation
When writing (May 23, 2024), Dogecoin trades around $0.152, experiencing a minor dip of roughly 1.77% in the last 24 hours. Despite the recent price drop, DOGE maintains a relatively healthy ranking of #9 on CoinMarketCap with a market capitalization of over $22 billion. Looking closely at the 4-hour chart, some interesting technical indicators emerge. The pivot point is $0.15100, which analysts interpret as a potential turning point for a bullish DOGE price prediction. This suggests that DOGE might be coiling up for a potential upswing.
The resistance levels further bolster this idea. DOGE’s first hurdle is $0.15950, followed by $0.16980 and $0.18440. If DOGE can convincingly break through these resistance points, it could signal a promising uptrend. The 50-day Exponential Moving Average (EMA) adds another layer of intrigue. Currently positioned at $0.15130, the EMA is a dynamic support level. DOGE’s trading above this line suggests an underlying bullish bias in the market.
Dogecoin’s Rise May Still Continue After Hitting $0.15
The increasing ubiquity of meme currencies has been an indisputable aspect of 2024’s significance for the digital asset market. The market has witnessed an assortment of new entrants competing against industry leaders. One advantage is still unquestionably at the top, though.
Dogecoin (DOGE) has remained above the peaks and has now moved above the $0.15 mark, triggering some data that may indicate further rises ahead. More specifically, many traders are feeling upbeat due to the existence of a symmetrical triangular formation.
The symmetrical triangle pattern is a consolidation indicator before an asset’s value decreases or breaks out. Furthermore, a breakdown to a lower trend line indicates the beginning of a bearish trend. A breakout to a higher trend line, on the other hand, results in a bullish trend.
Key Levels to Watch
So, where does this leave DOGE investors? Here are the key levels to keep an eye on in the coming days:
- Support Levels: $0.14270, $0.13240, and $0.12030. These levels will act as safety nets if the price falls.
- Resistance Levels: $0.15950, $0.16980, and $0.18440. A decisive break above these points could signal a bullish reversal.
- Pivot Point: $0.15100. This level will be crucial in determining DOGE’s short-term direction.
Final Thoughts
Dogecoin is rising above the 50-day moving average and exhibiting a bullish trend. But in its current state, it remains uncertain. The $0.15 threshold for DOGE is a significant barrier that might make or break its upward trajectory.
The direction that DOGE takes next is crucial because it maintains binary expectations. On the one hand, it will continue to rise and reach the $0.20 mark, which aligns with the positive trend.
If the asset falls, the net support would be $0.1427. The asset would then gain more support at the $0.13 and $0.12 levels. The asset’s trading volume has increased by 9%, reinforcing bullish views. However, there’s still a chance that it goes either way.
