Is a $1 Dogecoin Feasible? $900 Million in Volume Drives Surge: DOGE Forecast

Is $1 Dogecoin Achievable? $900 Million Volume Drives Rally: DOGE Forecast / Source: Cryptonews

Dogecoin (DOGE/USD) has recently experienced a notable increase in trading volume, reaching $1.24 billion in the last 24 hours. Although there has been a minor decrease of 2.38%, the current price is $0.1316.

Currently ranked #8 by market capitalization, Dogecoin has a market cap of $19.12 billion and a circulating supply of 145.3 billion DOGE coins. A key inquiry among investors is whether Dogecoin can attain the $1 threshold.

Technical indicators, including a symmetrical triangle pattern and robust support at the $0.1282 level, imply a possible upward trajectory, making this an intriguing period for Dogecoin supporters to consider its price forecast.

Dogecoin Price Forecast

As of today, the price of Dogecoin (DOGE/USD) is $0.1316. The symmetrical triangle pattern observed on the chart indicates solid support for Dogecoin around the $0.1282 level. This pattern generally suggests a likely continuation of the preceding trend, which in this instance indicates a potential upward movement.

Immediate resistance levels are essential for pinpointing possible upward targets. The first resistance is identified at $0.1384, with additional resistance levels at $0.1438 and $0.1484.

#Dogecoin price today is $0.1316. Strong support at $0.1282 suggests an upward trend. Key resistance at $0.1384, $0.1438, $0.1484. RSI 53.69 indicates potential for more gains. Bullish above $0.1282. #DOGE #Crypto #PricePrediction

— Arslan Ali (@forex_arslan) July 28, 2024

On the downside, immediate support is recognized at $0.1282, followed by $0.1222 and $0.1174.

The Relative Strength Index (RSI) is currently at 53.69, indicating neutral momentum but with the possibility for further upward movement if it continues to rise.

Dogecoin Price Forecast – Source: TradingviewThe 50-day Exponential Moving Average (EMA) is situated at $0.1312, reinforcing the current price level and suggesting that Dogecoin is trading above its short-term average, which is a positive indicator.

The symmetrical triangle pattern providing support near $0.1282 indicates that if Dogecoin sustains this support level, the upward trend is likely to persist, fostering a buying trend in DOGE. This technical configuration is vital for traders aiming to take advantage of the potential upward movement.

The technical outlook for Dogecoin remains optimistic above the $0.1282 level. Traders should contemplate purchasing above this level, as maintaining above the pivot point could lead to further upward movement toward the resistance levels of $0.1384 and $0.1438.

Conversely, a decline below the pivot point may signal potential downward pressure, underscoring the significance of these key levels in informing trading strategies.

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The post Is $1 Dogecoin Possible? $900 Million Volume Fuels Rally: DOGE Prediction appeared first on Cryptonews.