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Dogecoin Price Prediction: DOGE preparing for a new bull run to new milestones

Dogecoin Price Prediction

TL;DR Breakdown

  • Dogecoin price prediction suggests a new bull run that might propel it to all-time highs.
  • The current price squeeze validates DOGE’s preparation for an upward trend.
  • The formation of a larger cup cart pattern confirms the bullish outlook.
  • Although forming slowly, DOGE’s technical pattern handles are taking shape.

According to the 24-hour chart, DOGE seems to have found support close to the12-hour Simple Moving Average (SMA) region. At present, Dogecoin is expressing a corrective price movement while its volume is significantly declining during the ongoing price recovery.

Dogecoin Price Prediction: General price overview

Recently, Dogecoin experienced a price compression that saw the number 14 crypto asset record an upsurge of about 28 percent. A price compress occurs whenever the Bollinger Bands breakdown inside the Keltner Bands. Such scenarios inform investors that their favorite crypto asset’s value has undergone extreme price compression as it can handle. It is now ready for an intense price movement in either direction.

Investors can take advantage of the squeeze play or price compression theory to assess their favorite crypto coin’s trajectory.

Of late, DOGE has been forming a series of higher lows and lower highs since recording its over 1000 percent price upsurge that ended on 29th January. While the first price breakout can be regarded as a flag pole, the price correction that followed can be considered pennant. Therefore, Dogecoin has been forming a surging pennant pattern since the end of its initial breakout on 29th January.

This pattern formation is a continuation of a technical pattern that predicts an earlier price surge. So, traders should prepare for a potential bull run from the number 14 cryptocurrency. This bullish outlook might push the price of DOGE past the $0.1 mark.

Dogecoin price movement in the past 24 hours

Dogecoin Price Prediction: DOGE preparing for a new bull run to new milestones 1
Source: TradingView

It has been an interesting 24 hours for Dogecoin as its price managed to reach a high of about $0.05698 during today’s trading. Despite the impressive price surge in the last few hours, it appears DOGE could not maintain the momentum. After a few hours, DOGE depreciated to exchange at $0.0550.

At the time of writing, Dogecoin is exchanging hands at $0.05548. Regardless of today’s ups and downs, technical indicators predict Dogecoin’s fortunes improving soon.

Dogecoin price movement on the 4-hour chart

Dogecoin Price Prediction: DOGE preparing for a new bull run to new milestones 2
Source: TradingView

According to the 4-hour chart, Dogecoin has been having a turbulent time in the market that is generally defined by a downward trend. Despite its time-to-time recovery in the chart, Dogecoin has been recording a constant price decline.

At the time of writing, DOGE is experiencing a -2.16 percent price movement in the 4-hour chart. However, the Moving Average Convergence Divergence (MACD) shows a progressive upward trend; showing DOGE is on the right track.

Conclusion

Following Dogecoin’s sharp 28 percent price surge during the day, the number 14 cryptocurrency has been on a corrective mode, with support currently standing the 23 12-hour SMA. As the case with other price corrections, Dogecoin’s volume has been progressively declining during the pullback.

The prediction now is for DOGE price movement to complete a handle in the coming few days and possibly surge past the $0.064 price level to confirm the pattern. If everything goes according to plan, DOGE is likely to find new critical support and resistance levels in the coming days.

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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