- Dogecoin price prediction hints at a looming bull run according to the increased buyer activity.
- The $0.053 level spells either doom or success for the number 25 crypto asset.
- Technical indicators predict DOGE will face significant resistance at the $0.059 and $0,062 price range.
Dogecoin‘s price prediction shows a 9.5% price upsurge in the last four hours, signifying a rise in buying activity. At the time of writing, DOGE is exchanging at about $0.056. This sudden price upsurge has seen Dogecoin bypass the $0.053 crucial level.
While the market appears to be ready for a significant bullish trend, only a critical close above the crucial support level will determine Dogecoin’s fate.
Dogecoin Price Prediction: DOGE market value hints at an upward trend in a bullish run
The last 6 hours have seen DOGE prices recover from a previous price slump, indicating an increase in buying activity. During this period, the intensified buying activity has pushed Dogecoin through the no-trade region’s upper boundary, which ranged from $0.046 to $0.051.
Additionally, the recent price upsurge has seen the expansion of the Bollinger Bands, hinting DOGE could be in for further price uptrends. Also, it has prompted a buy signal after stagnation for more than 20 days.
Only a four-hour candlestick slightly above the SuperTrend’s sell-signal indicator at $0.053 will confirm this price upsurge during today’s trading activity. Although today’s exchanging session is yet to conclude, the DOGE market price has already moved past this supply barrier.
If everything remains constant and Dogecoin continues recording such impressive price movements, the number 25 crypto coin could record anything between 10 and 15 percent in price surge. This will, in turn, move the crypto coin towards 2 critical supply barrier points present at $0.059 and $0.062, respectively.
Adding confidence to the current bullish prospects is the IntoTheBlock’s IOMAP technical indicator, which indicates the formation of a stable support line at the $0.05 mark. At this stable support line, more than 85,000 investors bought more than 11 billion Dogecoins.
On the other hand, IOMAP cohorts hint at a strong resistance level at the $0.058 region, where more than 31,000 investors bought 5 billion Dogecoins. This critical supply barrier is the immediate target, and it is about 2 percent away from Dogecoin’s current market price.
If Dogecoin manages to push through this level, it could be up for further price appreciation by another 10 percent to hit the second target at around $0.062.
What to expect from Dogecoin price?
On the drawback, if Dogecoin fails to close the day above the critical support line at $0.058, it might trigger a massive sell-off trend. If this happens and DOGE’s price depreciates past the next critical support line at $0.053, it will write off today’s bullish momentum.
In such a scenario, addresses could further witness a further drop in price to about $0.045, which is the lower side of the no-trade. However, this is highly unlikely as recent tweets from business moguls Elon Musk and Mark Cuban appear to impact the crypto coin positively.
Both Dogecoin enthusiasts are expressing confidence in the crypto coin and rooting for it to move past the $1 mark.
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.