Following last week’s reports that the FTX crypto exchange was on the verge of collapsing, the Dogecoin price plunged by more than 20 per cent last Tuesday. However, since then, Dogecoin price has traded relatively stable, with prices mostly staying in a horizontal trend.
Today, with the Dogecoin price already up by a percentage point and extending yesterday’s bullish trend, Dogecoin looks to be responding well to market forces that many had started to speculate would start a cryptocurrency winter.
Dogecoin usage and investors’ confidence in the memecoin has also remained high despite the recent bearish trend of the entire cryptocurrency market. This has included receiving support from Elon Musk, who has been one of its most ardent supporters since last year.
In a Twitter space discussion held last Saturday, Musk exclaimed, “Doge to the Moon”, a phrase that is mostly used to indicate confidence in the continued existence and price surge of the memecoin.
Dogecoin has continued to show strong resilience in the markets despite the strong bearish trend of the cryptocurrency industry. Today, with prices going up by a percentage point, Dogecoin is likely to continue with its current horizontal trend that has seen prices continue to trade with the narrow price ranges of $0.078 and $0.095 price levels for the past week.
The chart below also shows the current price retracement may be a setup for another bullish price surge that will see the Dogecoin price hitting and breaking the $0.087 resistance level. Therefore, my Dogecoin price prediction for the next few trading sessions expects Dogecoin to trade above the $0.1 price level, with a chance of going as high as $0.12 in the long term. A drop below $0.080 will invalidate my bullish analysis.IT will also signal a possible bearish trend that might push the prices towards the $0.070 price level.
This post was last modified on %s = human-readable time difference 13:25