Price Analysis

Dogecoin(DOGE) Price Could Follow Bitcoin Price Rally Soon, $0.5 Achievable!

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Highlights

    The doge price’s attempt to break the barriers appears to go in vain as the asset yet to smash the downtrend line

    However, the asset still eye’s at a 50% upswing in the short term, yet the price target in the long-term appears to be pretty high

The crypto space currently appears to have flipped the downtrend but the bears tend to do their job relentlessly. And hence the Dogecoin price is swinging within a very small range and not able to range another 4% to break the barriers. Yet the possibility of a notable jump still surfaces the water with a target set at $0.5 initially.

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The DOGE price currently appears to be stagnant than Shiba Inu or any other meme coin. However, the price showcases a couple of possibilities for the upcoming rally. Firstly, the price could dump to the local support levels at $0.1989 and rebound back gaining immense momentum after accumulation. 

Also Read: Bitcoin(BTC) Price An Inch Close To ATH, What’s Stopping It To Move Ahead?

dogechart
Source: Tradingview

Else, the price continues to consolidate for some more time. Much above the local support and pierce through the upper levels. In this case, the probability of hitting the immediate resistance levels at $0.33 appears to be more rather than the initial one. 

However, if either of the scenarios fails to materialize, then the asset may eventually drop down towards the strong support levels at $0.1589. Many could just jump-in in order to grab the asset at the discounted price, probably for the last time. 

Also Read: Euphoria is Back to Action! This is When Bitcoin Price Will Go Beyond ATH

dogehourly

However, the hourly chart is pretty bullish, and on the verge of slicing through the ascending triangle. The breakout may happen when a notable amount of trading volume is an influx to boost the buying pressure. But the technicals are a little matter of concern as RSI seems to have dropped into bearish divergence. MACD also does not point out a notable bullish trend, yet showcases some buying pressure.

Collectively, the Dogecoin(DOGE) price’s constant attempt to breach the downtrend could be a reality in some time. Yet the bulls are expected to jump in at the earliest in order to prevent further loss and regain the lost positions. However, as per a popular analyst, Watcher.Guru, the price could hit $0.5 by the end of October 2021. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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