Dogecoin (DOGE/USD) Eyes $0.18 as Bullish Momentum Persists
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Recently, the Dogecoin market has gained significant momentum, surpassing the $0.12 price level. This upward trend diverges from the prolonged consolidation period around the $0.10 level. October has proven to be a favorable month for Dogecoin, as the market has stabilized above the $0.12 resistance level, which has now transitioned into a support level. Building on this newfound strength, the crypto signal has embarked on an upward trajectory, approaching the $0.18 price level.
Dogecoin Market Data
- DOGE/USD Price Now: $0.17
- DOGE/USD Market Cap: $ 25.17 billion
- DOGE/USD Circulating Supply: 146.6 billion
- DOGE/USD Total Supply: 146.6 billion
- DOGE/USD CoinMarketCap Ranking: #8
Key Levels
- Resistance: $0.18, $0.19, and $0.20
- Support: $0.13, $0.12, and $0.11.
The Dogecoin Market Through the Lens of Indicators
As the market continues its upward trajectory, increased volatility has become evident. Some traders are expressing growing pessimism as the market approaches major resistance levels. The Bollinger Bands indicator reflects this trend. While the upward sloping bands suggest a strong bullish momentum, the increasing bandwidth indicates heightened volatility, potentially a byproduct of the ongoing bullish activity.
Given these circumstances, immediate investment may not be the wisest decision. The Dogecoin market appears to be nearing a peak or at least a period of short-term correction before the bullish trend resumes. Traders should closely monitor the price action for the formation of a higher low, which would signal a potential re-entry point and continued bullish momentum.
The Relative Strength Index (RSI) currently indicates an overbought condition at 72, further suggesting a potential market correction.
DOGE/USD Price Prediction: 4-Hour Chart Analysis
Zooming into the 4-hour chart, a correction seems increasingly likely following the price action’s recent peak at the $0.18 level. The price’s inability to consolidate around the $0.17 level after bouncing back from $0.165 indicates a potential shift in momentum. The market has now entered a consolidation phase, confirmed by the declining volume.
If this consolidation period persists, there’s a possibility that the market could resume its upward trajectory. However, for the time being, Dogecoin maintains a significant bullish bias, keeping the overall sentiment positive.
