Dogecoin Price Analysis: Here’s When DOGE Price Could Trigger a 35% Upswing!
Release: 2024/08/13 17:52 Reading: 367
Dogecoin Price Analysis: Potential 35% Upswing on the Horizon
Amidst the recent surge in popularity of memecoins, Dogecoin (DOGE) has maintained a relatively subdued presence as traders have shifted their focus elsewhere. However, indicators suggest that DOGE is poised for a significant move that could attract substantial volume in the near future.
Throughout the 2021-22 bear market, DOGE consolidated under bearish pressure. This consolidation included a significant decline in volume, which persisted until the recent upswing. The rally was halted at $0.22, and prices plummeted to nearly $0.1.
Currently, DOGE is experiencing an excessive squeeze, indicating an impending breakout. However, timing is crucial.
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The daily DOGE chart reveals a prolonged accumulation pattern that has lasted several years. This accumulation phase is expected to conclude within the next few weeks, likely triggering a fresh upswing. Technical indicators present mixed signals, suggesting the possibility of a descending trend continuing for a brief period.
The MACD is approaching a bullish crossover, while the RSI has initiated a bearish divergence, indicating below-average rally strength. Consequently, DOGE may continue to consolidate within the falling wedge.
Nevertheless, the price is anchored along the support line at $0.1, implying an imminent upswing that could lift levels to near resistance. If bearish pressure persists, a drop to wedge support near $0.88 could occur, followed by a rebound and a decisive breakout to $1.2.
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