Dogecoin News

DOGE Price Forecast: Dogecoin bulls focused on seeing DOGE past the $0.07 mark

TL;DR Breakdown

  • DOGE price forecast shows Dogecoin’s current network growth signals bullish outlook for the number 10 crypto coin.
  • DOGE’s upgrade from the well-balanced triangle positions the crypto coin towards a 37% surge.
  • DOGE compelled to slice through critical 50 SMA support level on today’s chart to steer clear of a potential price decline to the $0.045 region.

According to the highlights of the last few weeks, DOGE has finally managed to slice above the well-balanced triangle on the charts. In recent times, DOGE has been hungry for a recovery that would catapult it to new milestones past the $0.1 mark.

Although DOGE is currently staggering at the $0.057 price range and struggling to complete the 37 percent price surge, the crypto coin’s investors appear focused on taking it to new milestones.

DOGE Price Forecast: DOGE facing opposition but focused on the $0.071 breakout target

After DOGE’s recent breakout from its triangle pattern, the number 10 virtual asset managed to surge and settle above the 50 SMA on the 6-hour chart. Despite the bulls’ efforts to push Dogecoin towards the $0.070 breakout target, momentum seems to be slowing down at the $0.06 region.

At present, DOGE is exchanging at $0.057. Despite the dip, Dogecoin managed to record a minor correction thanks to the seller congestion at the $0.063 mark. At present, DOGE is positioned to seek refuge in the $0.06 region. For DOGE to continue with its $0.07 campaign, it needs to find support at the $0.06 critical level.

Source: TradingView

Additionally, the Moving Average Convergence Divergence has also confirmed the bullish momentum by crossing above the midline. Notably, the MACD blue line sliced above the signal line, signaling a bullish momentum being in the offing.

In the event Dogecoin moves past the $0.07 mark, its reputation would be massively boosted, allowing heavy investors to focus on new milestones above the $0.1 mark.

Over the past few days, Dogecoin has seen a tremendous improvement in network growth. For example, on 23rd February, the IntoTheBlocks model recorded daily active addresses of about 33,400. Since then, the number has consistently risen, seeing it hit more than 67,500 at the time of writing. This depicts a 50 percent improvement.

Usually, in the cryptocurrency sphere, an improvement in network growth spells an upcoming bullish trend. DOGE is likely to experience a continuation of the current uptrend as newly-created addresses continue to rise.

Source: TradingView

What to expect from DOGE’s price

DOGE has been on a rollercoaster in the last 24 hours. From surging from a low of about $0.05 to hitting a new monthly milestone of $0.06, the meme token appears to be more and more promising. The last few days have seen addresses participating in panic buying following Elon Musk and Mark Cuban’s free PR.

At present, DOGE needs to find support above the $0.6 mark for investors to continue with their efforts to push the crypto coin past the $0.07 mark. Remember that failing to move past the $0.07 level will trigger the increase of overhead pressure. If this happens, the DOGE will have to seek refuge at the next support level, the 50 simple moving average (SMA) level on the 12-hour chart. Further price decline past this level will open a pandora box that will see the number 10 cryptocurrency plummet towards the $0.04 region.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on March 9, 2021 9:12 pm

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

Recent Posts

Polkadot price analysis: DOT presents buying opportunity before $30 ascent

TL;DR Breakdown Polkadot price lowered another 3 percent during the day's trade Price continues to… Read More

January 20, 2022

Intel to bring a specialized Bitcoin mining chip in February 2022

TL;DR Breakdown:  Intel is reportedly releasing a specialized Bitcoin mining chip. It will be an ultra-low-voltage… Read More

January 19, 2022

Crypto friendly Singapore clampdown on crypto ATM services

TL;DR Breakdown Singapore orders crypto ATM providers stops working.Move to regulate crypto advertising to the… Read More

January 19, 2022

GK8, cybersecurity platform reel out new feature to ease integration with layer-1 blockchain

TL;DR Breakdown GK8 reel out additional features to its platform.The new features can enable banks… Read More

January 19, 2022

Monero price analysis: XMR recovers to $208, as support appears

TL;DR Breakdown The Monero price analysis is bullish.Resistance for XMR/USD is present at $214.Support for… Read More

January 19, 2022

Bitcoin Price Analysis: BTC rejects upside at $42,500 again, ready to continue lower?

TL;DR Breakdown Bitcoin price analysis is bearish today.BTC/USD retested $42,500 resistance earlier.Closest support at $41,000.… Read More

January 19, 2022

This website uses cookies.