Based on technical analysis, Dogecoin (DOGE) could experience a price increase following its drop to a significant support point. Various upcoming positive events within the Dogecoin community indicate that now might be an opportune moment to consider investing in this cryptocurrency.
Time To Go Long On Dogecoin?
BitLuxe, a crypto analyst, shared on X (previously Twitter) that Dogecoin was hovering close to significant support levels at $0.146 and $0.151. He recommended considering a buy position on the popular meme coin, but advised caution but keeping a close eye on stops due to the lingering market instability.
BitLuxe cautioned traders to keep an eye out for warning signals under this support level for Dogecoin. He further mentioned that the next possible support level for Dogecoin lies between $0.122 and $0.13. Conversely, investors looking to buy DOGE should be aware of the resistance level located between $0.168 and $0.173 when deciding on a profit-taking price.
Myles G, a crypto analyst, has observed Dogecoin’s chart and believes the meme coin is on the verge of a significant rebound. Based on his analysis, shared in a chart, DOGE could reach as high as $0.23 in the near future. Previously, Myles had forecasted that DOGE would surge to $0.26 by April 20, which is known as Dogecoin Day.
In a newer post on X, Myles G once more expressed his optimistic viewpoint towards Dogecoin. He predicted exciting developments for the meme currency in the near future.
DOGE Still Has Bullish Momentum Ahead
Crypto expert Yomi recently expressed optimism about Dogecoin’s potential for further price increases. He noted that the meme coin is not yet close to reaching a significant bull market achievement, requiring “several more weeks” of upward price movement. Despite the current market dip, Yomi believes another surge could be imminent.
Another crypto expert, Altcoin Sherpa, shares the optimistic viewpoint regarding Dogecoin’s future course. He thinks that the meme coin retains a significant amount of bullish energy. In a recent social media post, he advised crypto enthusiasts to consider purchasing Dogecoin if its price falls to approximately $0.107. According to him, “This coin will produce impressive numbers later in the year.”
Previously, Altcoin Sherpa expressed the possibility that Dogecoin might unexpectedly reach a dollar during this market trend. He also highlighted that Dogecoin, known as the leading meme coin, possesses great potential and cited Elon Musk’s advocacy for Dogecoin as one potential reason for its price surge towards a dollar.
Currently, Dogecoin is priced at approximately $0.155 during this composition, representing a decrease of more than 1% within the past 24 hours based on information from CoinMarketCap.
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2024-04-17 23:11