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May 17, 2024 by Mishal Ali
Dogecoin (DOGE) is currently on the verge of significant upward movements, attracting considerable attention from both analysts and investors. This surge in interest is due to DOGE’s recent performance in the market, where it has managed to surpass a crucial resistance level that had been a barrier for some time. This breakthrough is seen as a strong indicator that DOGE is gearing up for an even higher climb in the near future.
Over the past week, DOGE has demonstrated a strong recovery from its recent dip, surging by nearly 7%. This upward trend showcases DOGE’s resilience and potential for further growth, reinforcing the confidence of those who invest in and analyze this cryptocurrency.
At the time of writing, the price of DOGE stands at $0.155478, with a 24-hour trading volume of $56.47 billion, and a market capitalization of $22.44 billion, underscoring its significant presence in the cryptocurrency landscape. In the last 24 hours alone, the price of DOGE has increased by 4.72%, reflecting a strong positive momentum.
Analysts Predict Dogecoin Surge to $0.18-$0.30 Price Range
Crypto analyst Kevin has shared his insights on the price trajectory of DOGE. According to Kevin’s analysis, the Dogecoin chart has shown a significant update: DOGE has officially broken above the $0.153 level and the 200 simple moving average (SMA) on the 4-hour chart. This breakout is a critical development for Dogecoin’s price movement.
Kevin emphasizes the importance of maintaining this level in the event of any potential backtest. If Dogecoin can hold above this area, the next targets are within reach: $0.18 and the inverse head and shoulders pattern target of $0.22.
Furthermore, World Of Charts, a well-known crypto expert, also shares a positive outlook on Dogecoin’s future price movement. Their analysis suggests Dogecoin seems to be preparing for an upward trend, as indicated by what appears to be a falling wedge pattern formation and its subsequent resistance level testing.
If Dogecoin successfully breaks out from this falling wedge pattern, World Of Charts predicts investors could expect a notable bullish surge. Their projected price targets range from $0.27 to $0.30, signaling a potentially substantial increase in Dogecoin’s value. This optimistic forecast aligns with Kevin’s assessment, further strengthening the positive sentiment surrounding Dogecoin’s future growth.
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