The crypto Dogecoin (DOGE) has recently dropped to $0.15, what are the future price predictions? The cryptocurrency is currently trading at $0.1522, marking a decrease of 1.77% in the last 24 hours.
Let’s see below all the details.
Summary
What factors could influence the price of the crypto Dogecoin (DOGE)?
As anticipated, currently Dogecoin (DOGE) is trading at 0.1522 dollars, registering a decrease of 1.77% in the last 24 hours, with a trading volume of 819 million dollars in the same period.
Ranked 9th on CoinMarketCap, Dogecoin has a market capitalization of 22 billion dollars and a circulating supply of 144 billion DOGE coins.
But what are now the next potential targets for DOGE as it hovers around the $0.15 level? In the four-hour chart, DOGE has a pivot point at $0.15100, indicating a possible bullish forecast for the price of Dogecoin.
Immediate resistance is located at $0.15950, followed by $0.16980 and $0.18440. On the contrary, immediate support is at $0.14270, with further support levels at $0.13240 and $0.12030.
The relative strength index (RSI) is currently at 53, indicating neutral conditions. The 50-day exponential moving average (EMA) is positioned at $0.15130, suggesting that the market maintains a bullish trend above that level.
Dogecoin has developed a symmetrical triangle pattern, with significant resistance around $0.1545. At the same time, support persists around $0.1513, reinforced by the 50-day EMA.
Analysis of current trend and possible developments
The current market price above the 50 EMA indicates a bullish trend, but Dogecoin must surpass the resistance at $0.1595 to confirm further gains. The RSI, above 50, suggests a buying trend, supporting this outlook.
If Dogecoin maintains its position above the pivot point at $0.15100, it could push prices higher towards the resistances at $0.15950, $0.16980, and $0.18440.
However, a break below that level could cause a bearish trend, bringing the price to supports at $0.14270, $0.13240 and $0.12030. The market’s reaction at these levels will be crucial for the future direction of Dogecoin.
In conclusion, the technical outlook for Dogecoin remains bullish above the pivot point at $0.15100. The immediate resistance at $0.15950 will be the first hurdle to overcome, followed by $0.16980 and $0.18440.
However, caution is needed if the price were to drop below the pivot point. The 50-day EMA at $0.15130 provides a solid foundation for the upward trend currently in place.
Billy Markus of Dogecoin speaks out on X in defense of Elon Musk
The founder of Dogecoin, Billy Markus, recently shared a post on X in which he defended Elon Musk regarding the discrepancies discovered by users in the “freedom of speech” social media app.
According to Markus, the boosting and depowering of accounts are becoming a trend on X. However, he does not attribute these actions to Musk, but rather to the fluctuations of the algorithm.
Markus emphasized that if smaller accounts are empowered, this means that larger accounts are disempowered, a basic mathematical concept.
He also denied that the algorithm depowers people for specific political opinions or conspiracy theories. Musk’s acquisition of X has brought several challenges for users, including issues related to bots and cryptographic scams.
In response, Musk announced a total purge of the system and the introduction of a small fee for new users to combat bot attacks.
Musk criticized traditional bot detection tools, such as CAPTCHA, calling them obsolete, and suggested that he could make changes to the bot algorithm to improve user visibility on X.
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