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- Dogecoin price prediction suggests the downtrend momentum of DOGe cryptocurrency after slipping out of the rising parallel channel over the daily time frame chart.
- DOGE crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of DOGE/BTC was at 0.000003766 BTC and has dropped by 1.88% during the intraday trading session.
Given the ongoing efforts made by the DOGE community, dogecoin price prediction indicates that the token may rise above $0.1. During this recovery phase inside the parallel channel on the daily time frame chart, the DOGE cryptocurrency may hit the $0.1 level. The DOGE token must climb back up because it has fallen below the ascending parallel channel. Buyers are attempting to give the DOGE token a boost to rally with strong upward momentum across the charts in the meanwhile.
Dogecoin price was at $0.08161 and has dropped by 0.72% of its market capitalization during the day’s trading session. However, trading volume has increased by 98.93% during the intraday trading session. This demonstrates that buyers in DOGE crypto are trying to provide a kickstart to the token to continue its recovery through the ascending parallel channel. Volume to market cap ratio is at 0.07258.
The DOGE token is in its long-term consolidation phase, according to the daily time frame chart for Dogecoin price prediction. By the end of 2023, according to some analysts, the DOGE cryptocurrency will recover its losses and reach $1.
The DOGE cryptocurrency has to build up buying power and rally out of the long-term consolidation phase in the present rising parallel channel in order to achieve the necessary recovery. Despite the lower-than-average volume movement, sellers can approach the market to withdraw DOGE cryptocurrency.
Will Dogecoin Price Recover Back Inside the Channel?
According to Dogecoin price predictions, the token has been attempting to rebound via an ascending parallel channel across the chart’s daily time frame. After collapsing on February 9th, the token has been unable to climb back inside the parallel channel. Technical indicators point to the price of Dogecoin being in a downturn.
The DOGE cryptocurrency’s downward momentum is displayed by Relative Strength Index. The RSI is at 42 and moving into oversold territory. The DOGE cryptocurrency’s downward velocity is visible on MACD. After a negative crossover, the MACD line is lower than the signal line. Investors in DOGE must wait until the price of the cryptocurrency exits the long-term consolidation period.
Summary
Given the ongoing efforts made by the DOGE community, dogecoin price prediction indicates that the token may rise above $0.1. During this recovery phase inside the parallel channel on the daily time frame chart, the DOGE cryptocurrency may hit the $0.1 level. By the end of 2023, according to some analysts, the DOGE cryptocurrency will recover its losses and reach $1. Technical indicators point to the price of Dogecoin being in a downturn. Investors in DOGE must wait until the price of the cryptocurrency exits the long-term consolidation period.
Technical Levels
Resistance Levels: $0.090 and $0.10
Support Levels: $0.075 and $0.070
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading any stock or crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
