Dogecoin Price Prediction: Will the 10% Rally Hold?
Dogecoin (DOGE) has experienced a significant surge in price after 36 days of consolidation, breaking out of its previous range. The price action has demonstrated higher highs and higher lows, indicating a shift in momentum from bears to bulls. On-chain data also suggests that bulls are accumulating, potentially leading to a rally in DOGE’s price.
Dogecoin Market Trend Looks Promising
Following a breakout on May 20, Dogecoin’s price rallied 6% from a 36-day consolidation range of $0.162 and $0.118. This breakout resulted in higher highs and higher lows, with support found around the 50-day Exponential Moving Average (EMA) at approximately $0.155.
If the 50-day EMA holds, DOGE could see a 10% bounce to the $0.186 level, which represents a 61.80% Fibonacci retracement level. Both the Relative Strength Index (RSI) and Awesome Oscillator (AO) have surpassed their mean levels, indicating strength in the market and supporting a potential bounce.
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In a bullish scenario where market conditions are favorable, DOGE could surge 20% higher to the $0.20 to $0.210 zone, which is considered a bearish order block. The RSI and AO both signal bullish momentum regaining control.
According to IntoTheBlock’s In/Out of the Money Map (IOMAP), approximately 89,240 addresses have accumulated 7 billion DOGE tokens, with purchases made between $0.163 and $0.167. This range serves as a key support zone, where investors are likely to increase their holdings in the event of a price retracement.
However, it’s important to note that a daily candlestick close below the $0.135 level would break the bullish trend line, potentially leading to a 10% price drop and a retest of the previous support level at $0.118.
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