Dogecoin Price Prospects: Can The Memecoin Climb To The $0.1 Level?

Christian Encila

2 years ago

3 mins read

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Dogecoin (DOGE) has been witnessing a notable recovery in recent days, and technical analysis suggests that an ascending trendline is providing significant support to this upward movement.

An ascending trendline represents a price chart that connects a series of higher lows over time. It acts as a visual guide to tracking the price movements of an asset, indicating a bullish sentiment in the market.

As of the latest data from CoinGecko, Dogecoin price stands at $0.079, experiencing a minor 24-hour slump of 0.9%. However, it has still managed an impressive seven-day rally of 7.2%, hinting at the potential for further gains.

Source: Coingecko

Understanding DOGE’s Ascending Trendline

An ascending trendline is essential for traders and analysts as it helps them visualize an asset’s market sentiment and potential price levels. When the asset price approaches the ascending trendline, it indicates a likely level of support, and if the price breaks above the trendline, it suggests an uptrend resumption.

With sustained buying pressure, DOGE buyers have the potential to re-challenge the last swing high at $0.083. A bullish breakout for DOGE above this resistance level would hint at the resumption of the uptrend, potentially pushing the meme-inspired cryptocurrency’s market value higher by 21.7% to reach $0.095.

As of today, the market cap of Dogecoin reached $11.1 billion. Chart: TradingView.com

Positive Indicators On Dogecoin Daily Chart

Meanwhile, several indicators signal bullish momentum, as a recent price analysis notes. The Exponential Moving Average (EMA) Ribbon, a cluster of EMAs that smooth out price data, displayed a bullish crossover, further reinforcing the upward momentum.

Moreover, the Moving Average Convergence Divergence (MACD) indicator showed that the bulls have the upperhand, a sign that an upward trend may be in the pipeline.

DOGE’s Money Flow Index (MFI), which measures money flow into or out of an asset, also increased. This development is favorable for buyers as it suggests that more capital is entering the DOGE market, supporting its recent price gains.

Dogecoin price action in the last week. Source: CoinMarketCap

DOGE Outlook

Dogecoin’s current recovery is supported by an ascending trendline, indicating a positive market sentiment among buyers. With several bullish indicators on the daily chart, including the EMA Ribbon, MACD, and MFI, the potential for an uptrend resumption and a push toward $0.095 is plausible.

However, as with any investment, caution should be exercised, and investors must conduct their research and consider various factors before making any decisions. The crypto market can be volatile, and prices are subject to rapid changes.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.