Dogecoin Sees Positive Price Movement, Bulls Set Crosshair At $0.075

Christian Encila

1 year ago

3 mins read

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Dogecoin (DOGE) is fixated on a crucial juncture in its price trajectory. Having recently faltered at the previous range-high, the cryptocurrency community eagerly awaits to see whether history will repeat itself.

DOGE bulls, ever resilient, have their sights firmly set on re-targeting $0.075 – a level that could signify a significant breakthrough if achieved.

As the digital coin continues to command headlines and curiosity, the question on everyone’s mind is whether DOGE can overcome this critical hurdle and forge a path toward new heights.

DOGE Bulls Eye Crucial Re-Entry As Price Finds Support

As per Coingecko data, DOGE currently stands at $0.071, displaying a modest 24-hour rally of 0.5% alongside consistent seven-day gains of the same percentage. The recent price action indicates that DOGE has established higher highs and lows since mid-June, granting bulls a favorable advantage.

Source: Coingecko

However, the recovery momentarily stumbled upon reaching the previous range-high of $0.0751. Nevertheless, bullish investors saw an opportunity for re-entry at the price imbalance and FVG (fair value gap) located between $0.0694 to $0.0655.

A DOGE price report reveals a notable pattern where generally, the price tends to hit the FVG before resuming its prior trajectory. This trend has been evident as DOGE has already experienced two rebounds from the FVG zone. Furthermore, this FVG range aligns harmoniously with the ascending trendline support.

Dogecoin (DOGE) has a market cap of $10 billion today. Chart: TradingView.com

Considering this backdrop, a price rejection at the previous range-high of $0.075 might find support at the above confluence area. Therefore, this confluence area holds significant interest for bullish investors, as it could offer another compelling buying opportunity.

Dogecoin Faces Mixed Sentiments

While Dogecoin’s popularity as a meme coin remains strong, a separate report paints a sad picture for the cryptocurrency, suggesting that investors are increasingly exploring alternative options. The once-hyped meme coin is trading more than 90% below its all-time high, signaling a significant decline in value.

Amidst conflicting views among analysts, some with a bullish outlook foresee a potential surge toward $0.07. However, contrasting opinions assert a more pessimistic perspective, predicting a likely dip below $0.05.

DOGE price action in the last seven days. Source: Coingecko

Social media activity plays a substantial role in influencing the price of Dogecoin. While some future price predictions remain bullish, investors are now cautious, realizing that such levels may not necessarily translate to the high long-term ROI they once expected.

Consequently, many opt to diversify their investments, seeking alternative opportunities beyond the world of meme coins.

(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.