Dogecoin (DOGE) Price Breakout On The Horizon, Predicts Analyst

  • At press time, DOGE was trading at $0.07373 after its spruce dipped 2.01% in the past day.
  • An analyst believes that DOGE could target $0.084 if it can break above the $0.076 level.
  • Technicals on DOGE’s daily chart, however, indicate that buyers have lost some of their strength.

The renowned cryptocurrency analyst and trader, Ali, shared in an X post today that he believes Dogecoin’s (DOGE) price could move up soon. According to the analyst, DOGE is currently “navigating a tight zone, sandwiched between two crucial supply walls.”

DOGE’s supply wall spans between $0.072-$0.073, with about 200K addresses holding 28.6 billion tokens. Meanwhile, the resistance wall ranges from $0.074-$0.076, where 124K addresses are holding 26.95 billion DOGE tokens.

The analyst did, however, point out the fact that “support outstrips resistance in strength,” which could hint at a potential breakout for the DOGE price. Ali believes that if the meme coin can overcome the $0.076 level, DOGE could look to target $0.084 next.

Daily chart for DOGE/USDT (Source: TradingView)

From a technical standpoint, the daily Relative Strength Index (RSI) line on DOGE’s chart crossed below the RSI Simple Moving Average (SMA) line over the past  24 hours. This is a significant technical flag that signals that buyers have lost some of their strength.

Should the technical flag be validated, DOGE’s price may drop below the $0.07195 support level in the next couple of days. This could then put the meme coin at risk of falling to the next key support at $0.06775 in the following week. On the other hand, DOGE closing a daily candle above $0.07195 could lead to the altcoin climbing to $0.07755.

In the past 24 hours, DOGE was one of the many tokens that saw its price decline. The market tracking website, CoinMarketCap, indicated that the meme coin was worth $0.07373 after its price dropped 2.01%. This meant that DOGE was trading right between its daily low price of $0.0719 and its 24 hour high price of $0.07576.

DOGE also ended up weakening against Bitcoin (BTC) by 2.07%. Meanwhile, DOGE was still up by 10.13% in its weekly time frame. The altcoin’s price also managed to climb by over 22% in the past month.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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