- The outlook for dogecoin prices remains very bullish due to the social media push.
- The DOGE/USD continues to hover in a narrow range of the Bollinger Bands.
- DOGE’s price momentum fails to decisively exceed $0.3100.
Cryptocurrency Heatmap from Coin360
Dogecoin, a cryptocurrency inspired by memories, just can’t stay out of the news. Every day, cryptocurrency enthusiasts are greeted with some form of news related to the meteoric rise of Dogecoin. In April alone, the cryptocurrency rose more than 500% in value. This growth is staggering, even by crypto-currency standards. We have Doge Day 420, to which customers are invited on the 20th. April wants to drive the price of crypto to the moon by incessant buying.
What was the momentum of the Doge Day 420 campaign and how did it affect the price of Dogecoin? For starters, volatility hasn’t really manifested itself in any serious price appreciation. The DOGE/USD only appreciated significantly in January as a result of stronger price action in April. It hit $0.45 with some very viral posts on social media. Currently, massive expectations for $1 are driving exponential volume growth, leading to conflicting price outlooks for Dogecoin.
Dogecoin’s price outlook seems to be permanently in bullish territory. Investors must now ask themselves how long the social media craze will continue to drive up already sky-high prices.
Dogecoin price movement in the last 24 hours: Volatility increases, but price remains predictable
Dog flu outbreaks are usually caused by viral posts on social media. If DOGE was launched for fun, the viral publicity sets the limits of the project’s real-world applicability. The practical benefits are similar to those of other cryptocurrencies, but the potential has yet to be fully realized. Dogecoin’s high volatility is reflected in both the recent movements of the coin and the price predictions for Dogecoin.
DOGE/USD has fluctuated between $0.2892 and $0.3467 in the last 24 hours, according to Dogecoin price prediction analysis. The contracted Bollinger Bands are pushing the price growth channel further. Moreover, the decline from the highs of $0.4400 has been rapid and has mimicked the consolidation of other altcoins. The DOGE/USD pair is moving in line with the broader crypto market this week.
Volume data has had the least impact since Doge Day 420, despite an increase in liquidity. With an increase of 400%, the doja market has reached the $50 billion mark and is now bigger than Ford Motor Company. The market cap is rapidly approaching Twitter, and the rise is expected to continue in the coming weeks. Yesterday’s 20% drop in value has taken its toll on the market as lucrative bookings have hurt the upward trend.
DOGE/USD graph 4 hours: Slight correction before resumption of upward trend
TradingView Dogecoin Price Chart
After rising 8,030% in 2021, Dogecoin is poised for a slowdown. The hourly chart clearly shows a slight correction as the price hits bottom at $0.2701. Last week’s sharp rise required some cooling down before the next rise could begin. According to Dogecoin price forecasts, the pair is consolidating and waiting for a more precise future trajectory.
The bulls are waiting for the lower pivots to act before buying more DOGE. The desire to push DOGE/USD above $1 is driven by Doge fans who are fueling the trend on Reddit and Twitter. The RSI on the hourly chart is at 47 with a bearish bias. The MACD is also trending downwards. The Stochastic RSI is also giving neutral signals. So there may be more pain in the shop for dogecoin price prediction Jay fans.
Lower volumes mean Dogecoin bulls need to buy en masse to create a bullish run on the hourly charts. Price should break out of the Bollinger Bands and close the day above $0.3580 to mark the beginning of a new uptrend. On the hourly chart, the price channel is no longer directed upward.
conclusion of dochecoin price forecast: Will the fake coin ever reach $1.
Strong support for dogecoin is pushing the boundaries of social media and driving up prices. However, it remains to be seen if and how long the price will remain at its current level. If Dogecoin fails to gain more acceptance in traditional financial and monetary channels, price growth could quickly explode.
There is serious resistance at $0.50 that could trigger a panic sell-off. Breaking the $0.50 barrier will take more than celebrities and social media campaigns. If the dreams come true and the price manages to rise above $1, the next major resistance lies at $10.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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