Dogecoin Price Prediction: DOGE Short Squeeze Brewing? Leading Meme Coin Eyes $0.11 Target

Dogecoin price prediction: DOGE, the most popular meme cryptocurrency, has recently been experiencing a period of bearish trend, with its value oscillating below the $0.10 resistance level. The market has witnessed a continuous tug-of-war between bullish and bearish forces, leading to an uncertain landscape for investors. Despite the bears having a slight edge in this scenario, some investors and analysts remain cautious about the coin’s short-term prospects.

Source, Tradingview

Dogecoin price currently stands at $0.07757, reflecting a modest 0.83% decrease in the last 24 hours, suggesting a bearish trend in the market. Despite this slight dip, the trade volume for Dogecoin has experienced a significant rise, reaching $933 million. The market cap for DOGE has declined to $11 billion, still ranking it among the top 10 cryptocurrencies.

Crypto Analyst Skew on Dogecoin’s Future Prospects

A crypto analyst, Skew, has recently highlighted key indicators that could signal an upward trend in Dogecoin’s price movement. According to Skew, a significant benchmark would be if DOGE surpasses its December 2022 high of around $0.11, marking a new higher high. This move would suggest a strong bullish momentum. Moreover, Skew believes that the current market conditions are forming a substantial-high time frame range, with greater potential rewards for risks above the $0.08750 resistance level.

$DOGE 1D
Still a huge HTF range developing here imo but better reward for the risk above $0.08750

In terms of structure and a technical uptrend I would be looking for a HH above dec 2022 high ($0.11) & a higher low around ($0.094) or dec 2023 high pic.twitter.com/vejpcAx1be

— Skew Δ (@52kskew) January 10, 2024

Furthermore, establishing a higher low, particularly around the $0.094 mark or near the peak of December 2023, is another critical factor Skew points out. Such a development would solidify the asset’s uptrend. This analysis indicates that vigilant observation of these specific price levels could be crucial for traders leveraging Dogecoin’s evolving market trends. Skew’s insights come as Dogecoin continues to navigate the complex currents of the cryptocurrency landscape, with its price recently hitting $0.11

Technical Analysis Indicators on Dogecoin’s Trend

Dogecoin has recently been navigating a narrow range, hovering between $0.075 and $0.079. This movement has slightly favored a downward trend, with concerns that the price may slip to the $0.070 mark if bearish pressures continue. However, a growing sentiment among certain market analysts suggests a potential uptick in Dogecoin’s value. A move in market dynamics in favor of the bulls might accelerate DOGE towards $0.0800, with the possibility of additional escalation to $0.11 in the short term.

The latest technical analysis on the 4-hour chart reveals a cautiously optimistic scenario in the crypto market. The Relative Strength Index (RSI) is positioned below the neutral 50 mark, sitting at 38. This position suggests an equilibrium in market dynamics, with neither buyers nor sellers gaining a distinct upper hand. This balanced state hints at a market waiting for a definitive trend to emerge.

DOGE/USD hourly price chart, Source: Tradingview

On the other hand, the Moving Average Convergence Divergence (MACD) indicator, observed on a four-hour chart, is inching closer to the bearish zone. This movement could foreshadow a reversal in trend, leaning towards a positive shift. Moreover, examining the 20 Exponential Moving Averages and 50 (EMA) indicates a bearish inclination.

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