NewsletterDogecoin Price Analysis: Will DOGE Hit $0.2 As Historical Patterns Suggest?
Highlights
- A bullish morning star candle at $0.156 support bolsters DOGE price for an 8.5% jump.
- The DOGE price sustainability above daily EMAs (20, 50, 100, and 200) highlights the broader trend remains bullish.
- The 24-hour trading volume in Dogecoin is $1.48 Billion, indicating a 57% loss.
Dogecoin Price Analysis: Amid the current market consolidation, the largest meme cryptocurrency by market cap Dogecoin, has developed a local resistance around the $0.174 price level. A recent reversal from this resistance has tumbled the asset by 6.24% to seek support at $0.164. With a firm horizontal resistance and increased accumulation from large investors (Whale), the Dogecoin price action is now in an ascending triangle that may pop to the upside with 35% gains.
Also Read: 3 Cat-themed Meme Coins To Watch Out For as dogwifhat and Dogecoin Clips
Dogecoin Price Analysis: Key Support and Resistance Levels to Watch Amid Whale Activity
The Canine Meme cryptocurrency Dogecoin witnessed a slow and steady recovery in May. The positive reversal uplifted the asset from $0.12 to $0.175 high, registering a 45% growth.
The recovery trend also develops a higher low formation— an early sign of trend reversal as the market participants have started accumulating at dips. Currently, the DOGE price trades at $0.161, while the market cap holds at $23.3 billion.
With the Bitcoin consolidation, the DOGE price is wavering sideways seeking support at $0.156.
Moreover, a renowned trader, Alicharts, recently highlighted a significant development in the Dogecoin market. According to a tweet shared on June 4, 2024, Dogecoin whales have accumulated an additional 200 million DOGE since May 30.
#Dogecoin whales have bought an additional 200 million $DOGE since May 30! pic.twitter.com/gjeoGWMM4R
— Ali (@ali_charts) June 4, 2024
This large-scale acquisition indicates a growing interest and confidence among major investors in cryptocurrency. Historically, such accumulations by whales have often preceded price rallies, as their actions can influence market sentiment and liquidity
Amid the whale accumulation, the DOGE price rebounded from the $0.156 support with a bullish morning star candle pattern. A potential rebound could bolster this meme coin to lead an 8.5% upswing to challenge the $0.174 resistance.
A successful breakout will accelerate the buying momentum and aim for a potential target of $0.21, followed by $0.228.
Also Read: Dogecoin Price: 200M DOGE Accumulation Signals At Potential Rally Ahead
Technical Indicator
- Exponential Moving Average: The 50-day EMA slope wavering at $0.156 assists memecoin buyers with additional support to bolster the recovery trend.
- Relative Strength Index: The daily RSI slope wavering at 50% hints at a neutral market sentiment.
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- Litecoin Price: With a 12% Surge and Pearson BTC Correlation at –0.01, Is LTC Gearing Up for $125?
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
