It seems like the DOGE bulls have responded well to our last week’s Dogecoin price prediction. The price has successfully confirmed the breakout of the symmetrical wedge on 4H and 1D timeframes. Although there is still no sign of a volume increase, the positive BTC price action might give DOGE price a much-needed push.
At the time of writing, Dogecoin is trading at $0.0708, gaining 2.62% within the last 24 hrs. Overall, the price is still more than 90% down from its May 2021 ATH of $0.73. This all-time high was made on the same day the DOGE coin was featured on Saturday Night Live (SNL) show. This was the peak of the euphoria, which started with the casual tweets of the tech billionaire Elon Musk.
It is worth mentioning that despite its very little or no fundamentals, the Dogecoin price has performed better than many altcoins. However, the cryptocurrency is still boasting a market cap of $9.4 Billion at 11th rank on Coingecko.
According to Dogecoin news today, the project’s official Twitter handle has unearthed another scam. In the latest scam, scammers are projecting themselves as DOGE support. The project has distanced itself from such scams by warning the community not to interact with them.
Technical analysis of the DOGE USD chart shows that the price is losing momentum even after confirmation of the breakout. The breakout has the potential to push the price to the $0.097 level. This level comes into play by connecting the April high to the June low.
However, the above Dogecoin price prediction is only likely to be met if there is some volume increase this week. The $0.08 region is also acting as a resistance that the price needs to overcome. A reclaim of this level might fulfil our price prediction very soon. Therefore, bulls need to hold their horses till they see a higher high on the 4H timeframe. You may buy Dogecoin by signing up on top crypto exchanges like Binance.
This post was last modified on Aug 08, 2022, 12:25 BST 12:25