Despite a good correction in crypto market recently, Doge is still trading above the last year levels. Even though it has corrected more than 40% from recent peaks, we can still expect some gains out of dogecoin.
In this article, we will try to find out Dogecoin next target by analyzing the market trend and technical indicators.
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Dogecoin Next Target
- Price: $0.190492
- 24-Hour Price Change: -$0.00722 (-3.65%)
- Intraday High: $0.198407
- Intraday Low: $0.189706
- Market Capitalization: Approximately $28.2 billion
- 24-Hour Trading Volume: $3.66 billion
- Circulating Supply: 148.19 billion DOGE
- Total Supply: 148.19 billion DOGE
Trading in a Channel Down pattern. We wait for a breakout. Meanwhile, swing traders can enter near Channel support trendline and exit near Channel resistance trendline. Price needs to break back above 200-day Moving Average (200 SMA) to signal resumption of Uptrend
Technical Indications
- 50-Day Simple Moving Average (SMA): $0.185 (Bullish)
- 200-Day Simple Moving Average (SMA): $0.170 (Bullish)
- 14-Day Relative Strength Index (RSI): 62 (Neutral)
- Moving Average Convergence Divergence (MACD): 0.005 (Bullish)
- Average Directional Index (ADX): 25 (Neutral)
Recent Trend
- Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down, Long-term trend is Down.
- Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently.
- Support and Resistance: Nearest Support Zone is $0.18. Nearest Resistance Zone is $0.30, then $0.40.
Recent Developments
- Dogecoin Adoption: Several major retailers have begun accepting Dogecoin as a payment method
- Elon Musk’s Endorsement: Tesla CEO Elon Musk tweeted favorably about Dogecoin’s potential thereby causing a temporary surge in its price.
- Dogecoin Foundation Initiatives: The Dogecoin Foundation announced new projects aimed at enhancing the coin’s scalability and transaction speed.
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