Today, together with you, we will examine the rise of Dogecoin that we have experienced in the past days, and the short-term price predictions of DOGE.
DOGE Price Analysis
DOGE, which experienced a strong rise from the $ 0.075 level after Twitter’s logo changed to the DOGE logo, outperformed Bitcoin and Ethereum. DOGE, which experienced an increase of more than 25 percent, had risen to the level of 10 cents. DOGE, which then corrected downwards below the 10 cent level, is currently priced at $0.090. Dogecoin price is currently consolidating gains above the $0.085 zone and the 100-day simple moving average.
There is a key bearish trend line forming with resistance near $0.094 on the 4-hours chart of the DOGE/USD pair, which is facing resistance near the $0.094 level. A clear move above the $0.094 resistance could push the price up to the 10 cents resistance. Any further purchases could pave the way for an increase towards the $0.12 level. If DOGE fails to clear above the $0.095 level, it could resume its downside move. Initial support on the downside is located just near the 0.090 level. On the other hand, there is support of $ 0.085 for a decrease from there. However, if it fails to hold on to this support, the price could decline to the $0.075 region.
What Do Analysts Say About DOGE?
According to Coinglass data, the long/short ratio on the stock market was 53% versus 48% for longs. This indicates that a significant number of investors are somewhat pessimistic about the short-term prospects of the meme token.
Kaiko research analyst Conor Ryder said: “Dogecoin liquidity has dropped by about 10% in the last two weeks, briefly dropping 60% while its price surged on Monday. In a meme token like DOGE, most of the big moves come from trends, and the lack of liquidity is having a leverage effect on the size of those moves, Ryder added.
Ryder added that while DOGE has benefited from its illiquidity, there is equally little support on the downside, adding that investors can expect more volatility in the short term.
Popular analyst Kaleo stated that if DOGE breaks the $0.098 and $0.10 band, the first target could be 25 cents.
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