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Dogecoin, the popular cryptocurrency known for its meme-inspired origin, is once again attracting attention as it begins to form a bullish chart pattern.
Given its price fluctuations out of curiosity among investors, many are wondering whether Dogecoin has the potential to grow tenfold from its current levels.
This Dogecoin price prediction has generated significant interest as enthusiasts and traders analyze market dynamics and factors that could propel DOGE to new heights.
In this Dogecoin price prediction, we will explore the latest developments and trends surrounding Dogecoin and delve into the possibilities for its future price movement.
Dogecoin price prediction as DOGE starts forming bullish chart pattern
Dogecoin (DOGE) It is currently trading with a downside bias after taking some support near 0.0709 level.
On the four-hour time frame, it has formed a spinning top candle, indicating indecision in the market. The immediate target level for DOGE is around 0.0725, which is currently acting as resistance.
If DOGE breaks this level, the next target could be around 0.0740.
However, there is a key hurdle in the 0.0745-0.0740 area, which has acted as a strong resistance in the past.
If the bullish sentiment prevails and DOGE surpasses the 0.0740 level, the next target could be 0.0750 or even 0.0755.
Analyzing key technical indicators such as Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), both the indicators are within favorable ranges, suggesting a possible continuation of the uptrend for DOGE.
If DOGE holds above the 0.0710 support, there are good chances of an upside move.
Additionally, the 50-day exponential moving average is taking support at the 0.0715 level. The current close of the candlestick around this level indicates the possibility of continuation of the uptrend.
However, if Doge If there is a break below 0.0709 level, the next support is near 0.0697 and possibly even lower towards 0.068.
It is important to note that cryptocurrency markets can be highly volatile, and price movements can change quickly.
Traders and investors should closely monitor price action and adjust their strategies accordingly to navigate the dynamic nature of the market.
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