Is DOGE Sideways Breakout a Safe Trading Strategy for $0.2?
Bitcoin bears have taken control of the market after a week of struggle, causing the cryptocurrency to rebound from lows of $56000 to its current position at $64000. As the crypto market has shown signs of recovery in the last two days, meme coins have also gained positive momentum.
Cryptolifedigital’s top memecoins today include DOGE, SHIB, PEPE, BONK, and BOME, all of which are up in value, with DOGE rising by 3%, SHIB by 1.05%, PEPE by 2.30%, BONK by 1%, and BOME by 2.80%.
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The Dogecoin(DOGE) Price Analysis
DOGE Coin has reclaimed the $0.15 level, with the current trading price at USD 1.63. The 50-day SMA at $0.17 provides insight into short-term trends, while the 200-day SMA at $0.11 offers a broader perspective. The overall SMA crossover is bearish, with short-term and mid-term moving averages cross being bullish and the long-term showing a bullish crossover.
Breaking the $1.63 resistance level will lead to a trend toward the $1.7 resistance level while creating new support levels at $0.145, $0.13, and $0.129.
Based on the chart above, swing traders can enter the trade at $0.12 and exit anywhere near $0.16. Trend believers can wait for the breakout in either direction, while swing traders can trade between support and resistance. The stop loss level should be set at $0.12.
Overview of DOGE Price prediction
Tesla’s acceptance of Dogecoin has had a significant impact on the weekly growth of the coin, leading to an increase of up to 12%. The active addresses on the Onchain data chart have crossed 6.40 million, with a market cap of 23 Billion USD.
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With the growing interest and increasing social volume, DOGE is expected to hit $0.2 this week. Keep an eye on the breakout above $0.17 for the next spike.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
