Dogecoin Price Analysis: Bullish Trend in the Short Term?
Dogecoin has experienced a significant surge in price, currently up by 8% with a trading volume of $822 million. Despite starting as a joke, Dogecoin has become one of the most successful meme coins in recent years, ranking No.9 among all cryptocurrencies. Let’s take a closer look at its price movements and potential future trends.
Dogecoin Price Moves
- Dogecoin’s price fluctuated between July 7 and July 12, 2023, but experienced a tremendous surge on July 13, 2023.
- The coin has gained 7% in the last 7 days and has increased 16% in the past 1 year.
- Currently, on July 14, 2023, it trades at $0.0706 at 4:35 EST.
Dogecoin Might Retain the Bullish Trend in the Short-term
The chart above indicates that Dogecoin is currently in a short-term bullish trend, trading above the 50-Day Simple Moving Average (SMA) and below the 200-Day SMA. This suggests that the asset is short-term bullish and long-term bearish. The Relative Strength Index (RSI) is approaching the overbought region, indicating a bullish trend. Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows buying momentum and supports the presence of a green candlestick forming on the chart.
Dogecoin’s Support and Resistance Levels
Considering the technical analysis, if the bears retain the selling pressure, Dogecoin’s market price could drop and hit the $0.0657 support level. This could trigger negative market sentiment and increase selling momentum, potentially reaching the $0.0582 support. On the other hand, if the bulls increase buying pressure, the coin might gain in market value and likely reach $0.0744 resistance.
Factors That Could Affect Dogecoin Market Price
The recent triumph of Ripple over the SEC may have influenced Dogecoin’s market, leading to an 8% gain in the past 24 hours. Additionally, the former CEO of Celsius Network’s claims about Dogecoin and Solana’s impact on the market could trigger reactions in the Dogecoin community, affecting the asset’s market value. It’s important to note that cryptocurrency markets are highly volatile, and these predictions may change in the future.
Hot Take
Despite Dogecoin’s origins as a joke, it has become a serious contender in the cryptocurrency market. With its recent surge in price and the potential for a bullish trend in the short term, Dogecoin continues to capture the attention of crypto enthusiasts. However, it’s crucial to stay informed, conduct in-depth analysis, and practice risk management when investing in volatile assets like Dogecoin.
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