With strong upward trends and positive technical indicators, Dogecoin (DOGE) is showing signs that its price could go up a lot. As of this writing, the price of DOGE is $0.1264, which is 3.36 percent more than it was 24 hours ago.
Dogecoin is the ninth-largest cryptocurrency by market value, with $18.32 billion worth of it. 34.81% more trades have been made, worth $407.29 million. This makes it the 15th most traded cryptocurrency.
Crypto experts are positive about how the price of DOGE will change in the future. “$DOGE (Dogecoin) and its next leg up towards the current breakout target @ $0.6533 may be a matter of time, and prices could be preparing here for a break above!” said Javon Marks, an analyst on X. Marks says that if the price breaks out, it could go up by 404% to reach this goal.
Dogecoin Three-Day Chart Analysis
Additionally, a cryptocurrency expert who goes by the name Ali said that the TD (Tom Demark) Sequential indicator shows a strong buy signal on Dogecoin’s three-day chart. A technical study has also been done by crypto analyst Big Mike (@Michael_EWpro).
Mike says that the Dogecoin three-day chart on Binance has a complicated structure that fits with Elliott Wave theory. This means that a corrective phase is over and a strong rising trend could begin.
The Relative Strength Index (RSI) is at 56.70 right now, getting close to overbought levels but still not there. This means that there may be more room for price to go up, but it also means that there may be pushback soon. Since the MACD line is above the warning line, it means that the price is moving up.
The next goal is $0.14500, which could be reached if the price breaks above the support at $0.12718. If it fails to stay above this level, however, the price could fall to the support zone around $0.12054. IntoTheBlock says that transaction volume research adds to the evidence that Dogecoin is likely to go up in value.
The chart that shows Dogecoin’s transaction volume in USD by different transaction sizes shows that during the 2021 price surge, there were larger transactions (>$10M). During this time, there were the most transactions in all categories, which shows that market activity and betting were at their highest.
Since then, the number of transactions has gone down and stayed low, which means that there is less large-scale trading now that the price has settled between $0.10 and $0.20. But the current rise in trading volume shows that people are interested in and using Dogecoin again.
