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- Dogecoin (DOGE) price came in positive action as per the current price action.
- DOGE price aims to reach $0.10 before the halving of this month.
- The market capitalization increased by 2.28% overnight, registering $9.8 billion.
Dogecoin has formed a clear bullish structure in the lower time frames. The crypto market looks somewhat sideways due to the continuous higher price rejection of bitcoin near the $17000 mark. Buyers are waiting for a major breakout in January to be a part of the bullish rally in FY2023.
After the December close, speculators expect a boom in the crypto market. Meanwhile, the price of the world famous memecoin-DOGE has already made strong positive signals on the charts from the higher-lower trendline. DOGE bulls are moving towards the next higher level at $0.080 before reaching the conceptual zone.
DOGE price on 4 Hour Chart
In 4 hour chart, DOGE buyers attempt breakout of ascending parallel channel after noticing 30 days low at $0.0658. This breakout can provide a 30% pump in Dogecoin price by the end of January when current price bids at $0.075 at the time of writing. Against the USDT, Market capitalization increased 2.28% overnight, recorded at $9.8 billion.
Possibly $0.10 mark can interrupt DOGE price recovery dramatically ahead. Bulls must maintain higher price sustainability this week, but low trading volume may stand for another retracement. As per overnight data, Trading volume appears neutral at $372.12 million, very low for shart recovery.
DOGE Price on Daily Basis
On the daily chart, technical indicators are showing a bullish divergence for the next rally. The RSI indicator at 45 points after a reversal from the oversold zone at a time when the MACD has already produced a bullish crossover. Both the indicators are showing positive momentum as well as the ADX is showing strength in recovery.
Conclusion
Due to the price correction, the price of Dogecoin (DOGE) looks higher than the 52-week low. The buyers do not want to lose their grip on the DOGE price action and are aiming to take it towards the $0.10 mark before any significant price retracement phase. Furthermore, technical indicators such as RSI and MACD show the potential for growth after a bullish divergence.
Support level – $4.0 and $3.5
Resistance level – $5.0 and $7.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
