Bitcoin ETF

Dogecoin

MN Coin

<img width="1200" height="551" src="https://coingape.com/wp-content/uploads/2024/01/9HeBZzww-e1705348956580.png" class="attachment-full size-full wp-post-image" alt="Doge price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Dogecoin Price Prediction: The current downtrend in <a href="https://coingape.com/price/dogecoin/">Dogecoin price</a> can be traced using a descending resistance trendline. This decrease can be largely attributed to the widespread uncertainties surrounding the approval of a Bitcoin spot ETF. During this period, DOGE experienced a significant drop of 24%, declining from a high of $0.107 to a current price of $0.813. An examination of the Daily timeframe indicates that this decline has evolved into a pattern that could signal a potential further decline for DOGE. 
<h2 id="b-dogecoin-price-nearing-a-decisive-breakout-b">Dogecoin Price Nearing a Decisive Breakout</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The DOGE price correction to 61.8 Fibonacci Retracement level started reflecting weakness in buyers’ conviction&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the flag pattern would indicate the end of the correction trendline</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume in Dogecoin is $2.58 Billion, indicating a 58% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/9/9HeBZzww.png" alt="Dogecoin Price" width="1946" height="893">
 <figcaption class="wp-caption-text">
 Dogecoin Price| TradingView Chart
 </figcaption>
</figure> 
Analyzing the daily timeframe chart, it’s evident that the <a href="https://coingape.com/popular-analyst-predicts-dogecoin-price-rebound-to-0-1/">Dogecoin (DOGE)</a> price is adhering to two key trendlines despite the prevailing market conditions. The first is a descending trendline that delineates the current correction phase by providing dynamic resistance. 
The second is a neckline support of a renowned bullish reversal pattern, the Head and Shoulders. This pattern typically observed at market peaks, suggests an imminent trend reversal and a possible extended drop in the asset’s value.&nbsp; 
<blockquote>
 Therefore, if the general market sentiment remains mired in uncertainty, Dogecoin might see a bearish departure from these trendlines. Such a breakdown would likely amplify selling pressure, potentially leading to a 24% drop in this memecoin’s value, reaching a significant support level of around $0.058.&nbsp;
</blockquote> 
Conversely, if the introduction of a <a href="https://coingape.com/bitcoin-etf-cathie-wood-calls-vanguards-decision-to-exclude-etfs-terrible/">Spot Bitcoin ETF</a> starts projecting a positive influence on Bitcoin, the broader altcoin market, including Dogecoin, might also benefit. This scenario could result in Dogecoin breaking above the resistance trendline, invalidating the bearish scenario.&nbsp; 
In this case, DOGE value could potentially rise by about 35%, reaching approximately $0.11.&nbsp; 
<h2 id="b-dogecoin-global-in-out-of-the-money-giom-b">Dogecoin- Global In/Out of the Money (GIOM)</h2> 
<figure id="attachment_174314" aria-describedby="caption-attachment-174314" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-174314 size-full" src="https://coingape.com/wp-content/uploads/2024/01/image_2024-01-16_01-31-54.png" alt="Dogecoin Global In/Out of the Money (GIOM)" width="1584" height="525" srcset="https://coingape.com/wp-content/uploads/2024/01/image_2024-01-16_01-31-54.png 1584w, https://coingape.com/wp-content/uploads/2024/01/image_2024-01-16_01-31-54-300x99.png 300w, https://coingape.com/wp-content/uploads/2024/01/image_2024-01-16_01-31-54-1224x406.png 1224w, https://coingape.com/wp-content/uploads/2024/01/image_2024-01-16_01-31-54-768x255.png 768w, https://coingape.com/wp-content/uploads/2024/01/image_2024-01-16_01-31-54-1536x509.png 1536w, https://coingape.com/wp-content/uploads/2024/01/image_2024-01-16_01-31-54-150x50.png 150w" sizes="(max-width: 1584px) 100vw, 1584px">
 <figcaption id="caption-attachment-174314" class="wp-caption-text">
 Intotheblock| Dogecoin Global In/Out of the Money (GIOM)
 </figcaption>
</figure> 
The Global In/Out of the Money (GIOM) metric for Dogecoin provides a more positive outlook. Currently, 55.68% of DOGE holders are ‘in the money’ (profiting), while 38.81% are ‘out of the money’ (incurring losses). This distribution indicates a relatively stable base of investors, which could support a bullish trend for Dogecoin in the future. However, a potential collapse following the Head &amp; Shoulders pattern could place half of these addresses at a loss, increasing the likelihood of panic-selling&nbsp; 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope below 50% reflects the sellers having a firm grip over this asset.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The coin price resonating between a narrow range of 50-and-200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> indicates volatile market sentiment.</li> 
</ul> 
<h3 id="related-article">Related Article:</h3> 
<ul> 
 <li><a href="https://coingape.com/markets/crypto-price-prediction-today-january-14-eth-xtz-sui/">Crypto Price Prediction For January 14: ETH, XTZ, SUI</a></li> 
 <li><a href="https://coingape.com/markets/which-top-altcoins-to-buy-today-january-15-hnt-xrp-ldo/?utm_source=priceanalysisbar">Which Top Altcoins To Buy January 15: HNT, XRP, LDO</a></li> 
 <li><a href="https://coingape.com/bitcoin-etf-sparks-debate-between-legitimacy-and-investment-purism/">Bitcoin ETF Sparks Debate Between Legitimacy and Investment Purism</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/where-dogecoin-price-is-heading-by-january-end-0-1-or-0-06/">Where Dogecoin Price is Heading By January End, $0.1 or $0.06?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Where Dogecoin Price is Heading By January End, $0.1 or $0.06?

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