Dogecoin Price Nears Breakout! Analyst Predicts Target $17

Bittime - Dogecoin (DOGE) is currently showing signs of approaching a breakout, with analysts predicting a price target of $17 (Rp. 275,400). With a market capitalization of $96.32 billion (around Rp. 1,558 trillion) and an increase of 2.68% in the last seven days, Dogecoin continues to maintain its price above the psychological level of $0.30 (Rp. 4,860).

Dogecoin Price Analysis

Currently, the price of Dogecoin is at $0.3193 (around Rp. 5,188), with a decline of 2.41% in the last 24 hours. Nonetheless, with a market capitalization of $47 billion (around IDR 764 trillion), Dogecoin controls almost 49% of the memecoin space.

Dogecoin 4 Hour Price Chart

In the 4-hour price chart, Dogecoin shows a pullback phase resulting in a resistance trendline. This led to two bearish reversals, which restrained the bullish momentum. The 4-hour candle currently reflects price rejection higher and failure to break the resistance trendline.

It is important to note that Dogecoin price has shown important support at the $0.3014 level (roughly Rs. 4,900). The sideways trend over the past week shows a bullish divergence on the RSI line, supporting the possibility of a breakout.

However, the 20, 50, 100, and 200 EMA lines in the 4-hour chart serve as dynamic resistance. Therefore, the breakout rally of the trend line is likely to face some challenges and sharp fluctuations.

Read too Dogecoin Price Predicted to Rebound According to This Crypto Analyst

Dogecoin Price Targets

Based on Dogecoin price movements, the next target could be $0.37 (around IDR 6,000) or $0.41 (around IDR 6,600). 

On the other hand, if the price falls below $0.30 (around Rp. 4,860), the support level at $0.2658 (around Rp. 4,300) is likely to be tested.

Dogecoin Derivatives Dynamics

Over the past week, DOGE price trends remained flat, with Dogecoin open interest falling 2.71% to $2.02 billion (around IDR 32.8 trillion). Meanwhile, the OI-weighted funding rate remained at 0.0098%. This reflects traders' willingness to pay the same premium as last week to maintain their bullish positions.

On Binance, traders are showing a very bullish stance towards Dogecoin, with the long-to-short ratio reaching 4.07 by account and 3.44 by position. This suggests that Dogecoin traders on Binance anticipate a recovery in the coming weeks.

However, in the last 24 hours, liquidations of $8.14 million (around Rp. 131.5 billion) represent a loss of $7.13 million (around Rp. 115.5 billion) for long traders, indicating increasing bearish sentiment in the short-term price trend.

Read too Dogecoin: Explained, DOGE $1 Predictions, and Functions

Ali Martinez Predicts DOGE Price, Increases 6 Thousand Percent

Meme coins are known for big fluctuations and quick pullbacks, so looking at the longer picture provides a more stable approach. In a recent tweet, analyst Ali Martinez highlighted an ascending channel pattern in the Dogecoin price trend.

Currently, the pullback phase is part of the recovery in the channel pattern. Approaching the midline near the psychological level of $1 (around Rp. 16,200), Dogecoin is expected to reach $17.76 (around Rp. 275,400), according to analyst Ali Martinez. This includes a price spike of 6,770% if this meme coin continues to follow an ascending channel pattern.

Interestingly, Dogecoin price has surged nearly 444% from the bottom support of the ascending channel pattern. This pattern was also seen before the 2021 bull rally which resulted in a 12,000% surge at the start of the year.

Read too Will Dogecoin Rise 6 Thousand Percent? This Pattern is Key!

Latest Dogecoin DOGE to IDR prices

Price Doge ke IDR Latest via Market Bittime

Dogecoin is currently trading at around 5,081.2 IDR, with a change of -2.39% in the last 24 hours. 

This chart shows that DOGE price is within the Bollinger Bands which indicates market volatility. 

The middle line of the Bollinger Bands is at IDR 5,580.5, while the upper and lower lines are at IDR 6,741.9 and IDR 4,419.2 respectively.

Conclusion

Overall, Dogecoin (DOGE) shows strong recovery potential in the memecoin market. However, traders are advised to wait for a breakout of the trend line and remain alert to high volatility and dynamic resistance.

FAQ

1. What is a breakout in the context of Dogecoin price?

Breakout refers to a condition when the price of an asset, in this case Dogecoin, manages to penetrate a predetermined resistance level. This is often followed by significant price movements, either up or down.

2. What is the Dogecoin price target predicted by analysts?

The analyst predicts that Dogecoin could reach a price target of $17 (around Rp. 275,400) if the ongoing ascending channel pattern continues.

3. What is happening to the current price of Dogecoin?

Currently, the price of Dogecoin is at $0.3193 (around Rp. 5,188), with a decline of 2.41% in the last 24 hours. Despite the decline, Dogecoin has maintained a significant market capitalization.

4. What should traders pay attention to regarding Dogecoin price movements?

Traders are advised to monitor existing resistance and support levels, and wait for a breakout of the trend line. Additionally, it is important to remain alert to high volatility and dynamic resistance that can influence price movements.

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Reference

CoinSpeaker, Dogecoin (DOGE) Price Nears Trendline Breakout As Analyst Targets $17, Accessed December 31, 2024

Author: IN