- Dogecoin price prediction is bathed in bullish overtones
- DOGE/USD has broken out of a bearish symmetrical triangle pattern
- Long-term consolidation has ended with a bullish breakout to fresh new highs
- The bullish overtone and Elon Musk tweet means new highs for DOGE/USD
- Large buyer concentration near $0.0450 region to push prices higher
Dogecoin is on a relentless uptrend – one that may see a fresh new all-time high soon. The Dogecoin price prediction was always limited to a tight range despite the coin’s fabulous social media presence. All the effort had finally paid off when the DOGE/USD pair took off recently. A culmination of highly bullish technical indicators and positive fundamental news helped Dogecoin start its bull trend to touch a high of $0.07360.
The unstoppable march to higher levels was fuelled by Elon Musk’s tweet that supported Dogecoin’s rise in popularity. Elon Musk has a cryptic viewpoint about cryptocurrencies with no clear intent on whether he supports them or not. However, his latest tweet on Dogecoin sent a clear message that he likes Dogecoin.
Within a few hours, Dogecoin price prediction turned extremely bullish, with the price surging almost by 800 percent. The price rose from $0.00882 to an astonishing $0.07360. At the time of writing, the price is trading near $0.0469, and the volumes are rising steadily. So, will the bullish Dogecoin price prediction push the price towards the psychological $1 threshold?
Dogecoin price movement in the last 24 hours – Bulls pushing the price to new highs
Traders trying to decipher Dogecoin price prediction have to follow the trend. The price shows no signs of retracing into the bearish zone despite successive bull runs in the past few days. The price is hovering near the upper end of the Bollinger Bands at $0.04900. More buyers are emerging whenever the price corrects to lower levels.
Even though the price is at elevated levels on the daily charts, the bulls leave no stone unturned to keep the DOGE/USD above the $0.0400 level. The sellers are lining up at $0.05234 to bring the price down. In the past two attempts to move beyond the Bollinger Bands range, the bulls have faced selling pressure due to profit booking. Many day traders would be looking to sell at higher levels to book profits on short-term traders.
The 100-day SMA is trading below the price, which will give further impetus to the bulls. The skyrocketing Dogecoin price will eventually cool down. But before they do, DOGE/USD will likely undertake another run towards higher resistances.
DOGE/USD 4-hour chart – No stopping the FOMO-fueled uptrend
All eyes are on Dogecoin as the colossal bull run unfolds. The selling pressure will prove short-term as massive volumes support the bull run and cushion any abrupt fall. The resistance at $0.0520 will be taken care of if the prices close above the $0.04820 level. The rising number of Dogecoin addresses is also helping fuel a speculative rally.
Any sharp move lower will also attract more buyers and can turn into an accumulation zone. There is further resistance at $0.0580, which can put brakes on the current rally. The psychological barrier at $0.0500 will prove to be a pivotal point for future bull runs. The RSI is at 65 giving additional room to a bullish Dogecoin price prediction. MACD is sloping upwards and is pointing towards more bullish action in the short-term.
The hourly charts show Bollinger Bands contracting within a tight range of $0.03100 to $0.0335. Any further contraction may result in the next uptrend, attracting more buyers due to ‘Fear of Missing Out.’ On the downside, DOGE/USD needs to hold $0.03 support firmly and remain above the 100-day SMA to avoid any catastrophic fall. The massive buyer support in this region will ward off any sharp move by the sellers.
Dogecoin price prediction conclusion – Will the current bull run push Dogecoin to $1?
The star attraction of the current rally is undoubtedly the support tweet by Elon Musk. The traders are buying DOGE/USD in a frenzy to not miss out on the 2021’s biggest crypto rally. A series of tweets built the perfect ‘FOMO’ environment with the potential to make Dogecoin price prediction of $1 a reality.
The massive social media presence is further helping spread the bull run. Both investors and traders are taking a breather after the massive 800 percent rise in Dogecoin price. Still, the $1 prediction for Dogecoin is far away. To achieve the target level of $1, bulls will have to gather enormous liquidity and maintain a highly bullish rally for multiple days. A simple Elon Musk Dogecoin price prediction won’t cut.
The right fundamentals were already in place for Dogecoin, and now the technical indicators have also lined up nicely. The current rally has certainly helped Dogecoin end a prolonged consolidation phase and chart a new journey higher.
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