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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Dogecoin Price Prediction: Extended Consolidation Or A Break Below/Above?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Dogecoin

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Dogecoin has had its ups and downs in the past seven days: from breaking down below a support at $0.095, to bouncing back up and hitting notable resistance at $0.099. Following this brief rally, Dogecoin experienced another downward shift as the bulls were unable to maintain the momentum.

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It dropped once again, breaking through several support levels until bottoming at $0.0899. Since bottoming at $0.0899, DOGE has increased back up by over 7.75% to $0.09687 at the time of writing. Although this price surge might appear relatively modest compared to larger market moves, it is particularly noteworthy given the current situation of the entire crypto market.

Dogecoin Price Movement

The recent uptick in Dogecoin’s price can be largely attributed to a social media post by billionaire Elon Musk on X, formerly known as Twitter. In the post, Musk, the CEO of Tesla and owner of X, shared an AI-generated image that depicted him sitting behind a desk with a placard displaying the letters “D.O.G.E.” The image was accompanied by a caption reading “Department of Government Efficiency.”

While Dogecoin itself was not explicitly mentioned in the post, it appeared to spark excitement among market participants, many of whom are familiar with Musk’s past influence on the meme coin. However, the surge wasn’t up to what many might expect, as it wasn’t enough for a notable price breakout.

Despite the initial surge following Musk’s post, Dogecoin’s price remains below its recent seven-day high. It continues to trade within a relatively tight consolidation range. As of the time of writing, DOGE is valued at $0.0956, situated between a key resistance level of $0.1, which corresponds to the 0.382 Fibonacci retracement level from August 24, and a support level of $0.09, marked by the 0.786 Fibonacci retracement level from the same period.

DOGE market cap currently at $14 billion. Chart: TradingView

Slight Ascent

Although there has been a slight upward movement, Dogecoin still faces significant resistance barriers to breaking out of its current range. Going by the Fib retracement indicator, DOGE holders currently have a lot of work to do in inducing buying pressure to push it back up. Interestingly, on-chain data from IntoTheBlock reveals that Dogecoin’s trading volume and overall activity have dropped considerably since the beginning of September.

This reduced activity increases the likelihood of continued price consolidation in the short term. Without a significant influx of trading volume or a major catalyst, Dogecoin may struggle to gain the traction needed to break out of its current range.

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However, some on-chain signals like the total exchanges netflow are currently pointing bullish. In the case of a breakout of the consolidation, the first short-term price target is around $0.11. On the other end, a breakdown below the support level could push DOGE lower to retest $0.08. 

Featured image from Newsweek, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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