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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Dogecoin To Double Its Price If This Barrier Breaks, Analyst Predicts

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Dogecoin

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An analyst has explained how Dogecoin breaking the $0.087 barrier could open the path to DOGE price levels nearly double the recent ones.

Dogecoin Has Three Important Lines Converging At $0.087 Right Now

In a new post on X, analyst Ali has discussed what the weekly chart of DOGE is looking like right now in terms of some important historical lines. In particular, the levels of interest here are the 100-week EMA, 200-week EMA, and 0.786 Fibonacci.

A “moving average” (MA) refers to an analytical tool that calculates the mean of any given quantity over a specific period of time, and as its name implies, it moves in time and changes its value as the quantity fluctuates.

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This basic tool is quite useful as it smooths out the curve by removing local fluctuations, making a study of long-term trends easier to perform. In the context of the current topic, though, a normal MA isn’t of focus, but rather a modified form called the exponential moving average (EMA).

The EMA works like the usual MA, except it places a greater weight on the most recent readings of the quantity. What this means is that the older the reading, the less weightage it has in the metric, so the line’s changes reflect the latest price direction more strongly.

Now, here is a chart that shows the trend in the 100-week and 200-week EMAs for Dogecoin, as well as the weekly price curve of the meme coin:

Dogecoin Weekly

Looks like the asset's weekly value has been interacting with these lines recently | Source: @ali_charts on X

As is visible from the above graph, these two Dogecoin EMAs have approached each other recently and have converged into a narrow range around the $0.087 level.

In the past, these two EMAs of the cryptocurrency have posed resistance to the price and it appears that the weekly chart of Dogecoin has been struggling with them again, as it has been finding rejection here during the past three weeks.

These two lines aren’t the only ones converging near $0.087, however; it would appear that the 0.786 Fibonacci level is doing the same. The Fibonacci levels listed in the chart are some ratios derived from the famous Fibonacci series.

In this series, dividing any number (except for the first few) by its succeeding number always gives a ratio of about 0.618. The square root of this number is 0.786, which is the level the analyst has marked here.

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Dogecoin thus has a major wall at $0.087, made up of the convergence of all these historically significant lines. “Breaking past this barrier could open the gates for DOGE to nearly double its price, aiming for a target of $0.14,” explains the analyst.

DOGE Price

Dogecoin has observed a surge back above the $0.080 mark during the past day, as the below chart shows. It now remains to be seen if the coin will go on to retest this $0.087 level that might be so crucial for the coin.

Dogecoin Price Chart

DOGE has registered some rise in the last 24 hours | Source: DOGEUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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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

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Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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