Dogecoin Price Prediction As $DOGE Exits From 22-Month Accumulation
Highlights
- The aggressive rally in DOGE price would need a minor pullback to regain strength.
- The rising DOGE price may face supply pressure at $0.134.
- The 24-hour trading volume in Dogecoin is $2.95 Billion, indicating a 52% loss.
Dogecoin Price Prediction: The cryptocurrency market witnessed an aggressive bullish trend in late February as massive inflows from the spot ETF uplifted the underlying asset BTC. In tandem with the Bitcoin price rally, the altcoins prolonged their recovery trend, including Dogecoin which rose from $0.082 to $0.1, registering 48.5% growth. This swing provides a massive breakout from the long-coming triangle pattern indicating a major shift in market dynamics.
Also Read: Dogecoin Whales Shift 276M DOGE Sparking Speculation, $1 Rally Hits A Wall?
What’s Ahead For DOGE For 48% Weekly Surge
An analysis of the daily time frame chart shows the Dogecoin price has been traveling a sideways trend for the past 22 months. This lateral movement confined within two converging trendlines indicates the formation of a symmetrical triangle pattern.
In theory, this chart pattern developed to indicate the notable period of consolidation whose result determined the dominant force in the market. Amid the recent upsurge in the crypto market, the DOGE price gave a decisive breakout from the upper boundary signal, the buyers are regaining control over this asset.
Coinglass, a prominent crypto derivatives data platform, has reported a significant surge in Dogecoin (DOGE) Futures Open Interest. Within just a week, the figures leaped from $533 million to an impressive $956 million, indicating a 79% increase. This surge highlights growing investor confidence and a heightened market commitment to Dogecoin.
Currently trading at $0.123, the DOGE price witnessed a road at the $0.135 horizontal level. The new-found supply pressure may trigger a minor pullback to $0.111 and retest the breached trendline.
The potential retracement may assist buyers in replenishing the exhausted bullish momentum and preparing for the next leap. The buyer’s sustainability above this support will bolster them to chase the pattern’s potential target of $0.179.
Also Read: Dogecoin Whales Shift 762 Mln DOGE As Price Tops $0.1, What’s Next?
Technical Indicator
- Exponential Moving Average: An immediate upswing in the daily EMAs(20, 50, 100, and 200) reflects a sudden buying pressure in DOGE.
- Average Directional Index: A high value of ADX 33% indicates the buyers may soon hit exhaustion which may need a minor pullback to stabilize.
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