Dogecoin (DOGE) is one of the most overlooked meme coins, mainly due to its high volatility and low value.
- DOGE reduced 8% of its profit
- Dogecoin bull aims to drive higher prices
- DOGE is among the most sought after cryptos
- DOGE lost about 8% of the coin’s value from $0.07751 to $0.06932.
On the positive side, bulls can trigger the price to move higher to $0.07752.
According to CoinMarketCap, the price of DOGE has fallen 0.21% or is trading at $0.0706 at the time of writing.
DOGE Will Pass the Main Approval Level
DOGE appears to be crossing a key support line at $0.07109, which offers a buying opportunity at a bearish price.
Key support lines were tested several times from November to December. However, can key support be enough to push prices higher?
If this price can attract more buyers, it can trigger a price increase. In the next few trading days, the bulls may also try to break the current barrier at $0.07749, before gaining 10%.
DOGE shows that it has extended more power in terms of development projects, which also led to price increases but declined in terms of investor interest. Although DOGE has been labeled as a negative, the coin has outperformed other crypto assets in the market. In terms of price movements, Dogecoin is among the best performing memecoins in the bear market of 2022.
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A Negative DOGE Effect Can Dampen Price Volatility
DOGE’s MFI is showing a slight rise indicating that the price may be reversed. Moreover, RSI has also declined whenever it reaches the 30 level. A rejection of the RSI trend at this level can indicate a price reversal if the trend holds.
As soon as it happens, the DOGE bull increases, which can support a price reversal. Meanwhile, these positions can be treated as long entry positions.
In contrast, the stop loss pattern will be set at a price below $0.06930. If this support is broken, it will suggest that the bear is in power now, and this will destroy the forecast shown above.
Meanwhile, many are wondering whether the price of Dogecoin will reach $1, as it is currently trading at a low level. The general opinion is that Dogecoin will be better in the long run compared to 2022.
According to the forecast for the value of Dogecoin, it is expected that its price will reach $0.30 by the end of this year, $0.77 by 2025 and $1 by 2030. So far, Dogecoin is one of the most sought-after cryptocurrencies this year, according to this report.
