Tuesday, February 27, 2024

Dogecoin could rally by at least 40% this week

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Dogecoin has reported a strong rally over the past 7 days. The coin is up by around 20%. It is also the best performing coin among the top 10 most valuable cryptocurrencies. Despite this, DOGE has reached an important transition point. How the coin performs from here on will determine how far the recent uptrend will go. More on this below but first, here are some highlights:

  • DOGE is testing its 35-day EMA resistance of around $0.0735.

  • The coin is aiming to reclaim the $0.082 support in the coming days.

  • If that happens, DOGE could swing further by at least 33%.

Data Source: TradingView 

Dogecoin Price analysis and prediction

The past week has been quite good for DOGE. After a 20% surge, the coin has managed to cruise past several resistance zones. For now, DOGE is testing the crucial 35-day EMA of $0.0735. The meme coin is currently consolidating above $0.07 despite tumbling by 65 over the last 24 hours.

Once this consolidation phase is over, DOGE will try to test the $0.082 resistance zone. In fact, the token needs only a 10% surge from its current price to flip $0.082 from resistance to support. When this happens, DOGE will likely generate lots of demand. This will push it further up to $0.1 before it pulls back. It will be an upswing of around 40% from the current price.

So far, it seems DOGE has enough momentum to play out this setup. However, if somehow the meme coin falls below $0.68 today, this thesis becomes invalid. We don’t think this will happen.

How to profit from DOGE in the short-term

The most crucial price point to watch is obviously $0.082. Once this mark is flipped from resistance to support, buy in and ride the wave towards $0.1. 

Also, as broader sentiment in the market improves, we don’t think there is a significant downside risk for DOGE unless it falls below $0.068.


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