Dogecoin has given a small bounce and is testing trendline on a breakout level and it could be good buy or should we wait for some more levels.
In this article, we will look at dogecoin price target by looking price chart and technicals.
DOGE Price Target
- Price: Approximately $0.1704 USD per DOGE.
- Market Capitalization: Approximately $25.71 billion USD.
- 24-Hour Trading Volume: Approximately $1.21 billion USD.
- Circulating Supply: Approximately 150 billion DOGE.
- Total Supply: Unlimited.
Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern and above $0.18 resistance, which could signal at least a temporary bullish trend reversal with +25% upside potential to $0.25 next. Stop Loss at $0.16.
This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend. Notice also that the Gap from $0.18 to $0.35 from early November (after US elections) has now been mostly filled.
Technical Indicators
- Price Movement: DOGE has experienced a 3.63% increase in the past 24 hours but an 8.53% decline over the past week.
- All-Time High: Currently trading 76.46% below its all-time high of $0.99.
- 24-Hour Range: Low of $0.1663 and high of $0.1749.
Recent Developments
- Price Rebound: After a bearish weekend, Dogecoin reversed its downward trend, suggesting a potential bounce back to $0.19. The recovery followed a retest from a falling channel pattern.
- Government Adoption Clarification: Elon Musk stated that there are no plans for the U.S. government to adopt Dogecoin for official use, addressing recent speculations.
- Technical Support Levels: Dogecoin bounced off a key trend line support, with analysts monitoring its potential to sustain the rally.
