As it recovered from crypto winter, the DOGE (Doge) price had to enter the rabbit hole.
- Dogecoin price refrains to subject to Elon Musk’s bidding
- The price is underrated, yet it offers a twist at its end
- DOGE is close to a breach by August; September suggests a pompous rally of 50%.
It seems that Elon Musk has been mum about Dogecoin for several months now hinting that the tie-up has ended, and it’s time to call it a day and move on.
DOGE Price Moving Up – With Or Without Elon Musk
DOGE, with or without Elon Musk’s help, is continuing to grow and moving in the right direction. DOGE traders are now pushing the accelerator and giving a strong bullish step to the crypto. This signals that it is on its way to a higher price.
In connection with the conflict in Ukraine, the huge inflation wave that has decimated the cryptocurrency market over the past several months has sunk the price of crypto for many months. The positive side is that the crypto market seems to be able to move with the waves as it gains its fourth consecutive week.
TradingView.com chart
Dogecoin was observed propped up by the 55-day SMA, which is being used as an anchor for its two weeks consecutively. This suggests that there is a potential breach, as August saw the emergence of throttles and pivots. At $0.068, the underpinned price action can be seen, indicating that it could go higher peaking at $0.10 with returns up to 50%. RSI for DOGE shows that it’s far from reaching the overbought zone.
There are some risks associated with a downtrend as shown on the 55-day SMA. Bears could try to bring the price down below $0.04, which represents a 38% plunge. The bears must break that mark to ensure the price of the coin does not fall below $0.007.
CoinMarketCap reports that DOGE has risen 6.6% to $0.07525 at the time of writing.
Dogecoin Set To Breach $0.08 Level
Dogecoin, one of several cryptocurrencies that have crashed due to the dangers of crypto winter. These cryptocurrencies recovered from the crypto winter’s perils in June 2022 and traded up ever since. DOGE even plans to increase its numbers by at least doubling before the end of 2019.
DOGE, which had fallen to $0.05 at the bottom of its game, was eventually able jump right back into the action. DOGE continues to show a strong uptrend, which will be intensified with the merger with Ethereum.
DOGE was dropped from the top 10 most popular cryptocurrencies in March. However, DOGE has made a dramatic recovery and the prices have risen by as much as 8 percent overnight. Polkadot is DOGE’s closest rival.
Judging by the current market dynamics, DOGE is seen to potentially peak at $0.10, especially with the coin’s consistent uptrend. DOGE should surpass $0.08, which is a confirmation of its steady uptrend. DOGE could see a temporary correction of $0.07, but this is only temporary. DOGE plans to continue its upward trend and break through $0.08.
Source: TradingView.com| Source: TradingView.com Featured image taken from Republic World. Chart by TradingView.com