Dogecoin （DOGE） has gained 6.05% in value today, with bulls taking control of the market. This article provides a detailed price prediction and technical analysis for DOGE.
Points
- DOGE has increased by 6.05% today.
- The price is bouncing off a local support level of $0.1253.
- Potential for continued rise to the $0.14 mark next week.
Dogecoin （DOGE） has seen a notable price increase of 6.05% today, with bulls taking control at the start of the weekend. According to TradingView data, DOGE is currently trading at $0.1271.
Short-Term Analysis: On the hourly chart, DOGE’s price has bounced off the local support level of $0.1253. If the daily bar closes far from this level, the upward move may continue towards the $0.13 area by tomorrow.
Daily Time Frame: On the daily chart, neither bulls nor bears are dominating the market, as DOGE’s price is far from the main levels. This indicates that sharp moves are unlikely in the immediate future, and ongoing sideways trading in the $0.1250 to $0.1350 range is the more likely scenario.
Midterm Outlook: From a midterm perspective, if the weekly bar closes around the current prices, traders may expect a continued rise to the $0.14 mark next week. This would require sustained bullish momentum and supportive market conditions.
Explanation
- Short-Term Gains: DOGE’s recent price increase is driven by bullish momentum, with a potential test of resistance at $0.13.
- Sideways Trading: The current market conditions suggest ongoing sideways trading, with DOGE remaining within a defined range.
- Midterm Potential: Sustained bullish momentum could see DOGE rise to $0.14, provided market conditions remain favorable.