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DOGE Price Prediction: Dogecoin to the moon, to hit its $0.2 target after safeguarding support

DOGE Price Prediction

TL;DR Breakdown

  • DOGE price prediction shows the crypto asset is currently basking in a new wave of support from notable personalities.
  • In less than 24-hours, the meme coin has managed to record an impressive 20 percent uptrend.
  • The latest uptrend has pushed the crypto asset towards the midline of its ascending parallel channel.
  • An extension of the ongoing price surge could see Dogecoin hitting a 100 percent uptick towards the $0.2 target line.

At present, Dogecoin appears to be driven by prominent individuals who are causing a stir among traders. Their support seems to be having a positive effect on Dogecoin’s price.

DOGE Price Prediction: General price overview

Dogecoin is quickly becoming a common name in the crypto market. Despite the CEO of Tesla, Elon Musk, having an insatiable thirst for the meme token, other personalities are mushrooming in joining the DOGE bandwagon. Recently, Dogecoin managed to break out past the $0.1 mark, triggering a renewed bullish narrative due to the ongoing massive buy orders. All this is thanks to endorsements from these notable personalities such as Mark Cuban and Guy Fieri.

Recently, serial businessman Mark Cuban tweeted that:

“In merchandise, we have managed to trade more than 122,000 Dogecoins! Going forward, we do not intend ever to sell another DOGE token. Therefore it is time to buy.”

Additionally, Mark recently disclosed that his NBA squad, the Dallas Mavericks, would incorporate DOGE as a payment mode. Moreover, USA restauranteur Guy Fieri also stated on his Twitter handle: “hashtag Dogecoin. Rolling out to the moon.” The re-emergence of notable personalities in the affairs of Dogecoin could once more stimulate a price upsurge similar to the January surge that saw the crypto price skyrocket.

DOGE price movement in the past 24-hours

DOGE Price Prediction: Dogecoin to the moon, to hit its $0.2 target after safeguarding support 1
Source: TradingView

According to the meme coin’s 24-hour price movement, it appears it is hovering within a budding ascending parallel channel. We come to this conclusion by connecting the higher highs and higher lows using trendlines. According to its price movement, Dogecoin has recorded 2 higher low, and now it is poised to register a second higher high.

At present, the meme coin is exchanging around the midline of the ascending parallel pattern. Suppose it manages to close the day above the midline, Dogecoin could be in for a skyrocketing performance towards the $0.13 and $0.2 price tags at 140 percent and 160 percent Fibo extension levels, respectively. If the bullish narrative continues, Dogecoin is likely to hit the ascending parallel pattern’s upper trend at $0.25. Such a price surge would signal a 120 percent price appreciation from the current price tag.

DOGE 4-hour chart

DOGE Price Prediction: Dogecoin to the moon, to hit its $0.2 target after safeguarding support 2
Source: TradingView

According to DOGE’s 4-hour chart, the crypto coin appears to be consolidating after experiencing a sharp price dip from the $0.142 resistance level. Lucky for the crypto asset, the consolidation found support at the 22 percent retracement level at $0.116. At present, Dogecoin also enjoys extensive support at the 50 percent retracement level at the $0.1 region.

According to the chart, Dogecoin is currently enjoying a massive spike in buy orders, a move that promises to push its price to higher levels. On the flip side, if holders start eyeing short-term profits, Dogecoin’s bullish momentum might end prematurely.

Conclusion

If the meme token fails to close the day above the ascending parallel pattern’s midline, which coincides with the 127 Fibo extension level, investors should expect a price retraction. Dogecoin could record a 30 percent price decline in such an event, which could push it towards the $0.086 support level.

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.

Robert Githinji

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.

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