Convergence

Trickle

Bitcoin

Dogecoin

Trillion

Dogecoin, the cryptocurrency inspired by a popular meme, has witnessed a remarkable upswing in its value as the broader crypto market displays optimistic signs. Over the last week, this digital coin and its counterparts, <a href="https://coingape.com/price/bitcoin/">Bitcoin</a> (BTC) and <a href="https://coingape.com/price/ethereum/">Ethereum</a> (ETH), have been enjoying a bullish trajectory.&nbsp; 
Bitcoin has notably breached the $51,000 mark, catalyzing the momentum observed across the crypto sphere. Currently, <a href="https://coingape.com/price/dogecoin/">Dogecoin</a> is valued at $0.08523, marking an increase of over 1% in the last day alone. 
<h2 id="strong-dogecoin-price-analysis-a-bullish-trend-on-the-horizon-strong">Dogecoin Price Analysis: A Bullish Trend on the Horizon</h2> 
Since June 2023, Dogecoin’s trading pattern has been noteworthy, characterized by its movement within a long-standing structure. It recently overcame a short-term diagonal barrier and is nearing a significant horizontal threshold. 
Analysis weekly reveals that Dogecoin has been navigating through an ascending parallel channel since June of the previous year. A breakout occurred on December 4, propelling the currency to a peak of $0.108 that month, setting a new record for 2023. 
<figure id="attachment_180850" aria-describedby="caption-attachment-180850" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2024/02/Dogecoin-price-e1708108675354.png"><img decoding="async" class="size-large wp-image-180850" src="https://coingape.com/wp-content/uploads/2024/02/Dogecoin-price-1224x643.png" alt="Dogecoin Price" width="1224" height="643"></a>
 <figcaption id="caption-attachment-180850" class="wp-caption-text">
 Dogecoin Price
 </figcaption>
</figure> 
Lately, the price of the Dogecoin has fluctuated between $0.08 and $0.086. Despite the overall positive market trend, Dogecoin struggled to sustain its upward momentum, dropping below the critical $0.1 support level. However, the last few days, especially over the weekend, have shown a bullish pattern, with Dogecoin experiencing a rise of more than 5%. 
Dogecoin’s trading activity has recently taken a hit, with its 24-hour trading volume plummeting by more than 37%, now at $471 million. This downturn in trading activity ranks Dogecoin as the 10th largest <a href="https://coingape.com/glossary/cryptocurrency/">cryptocurrency</a> by market capitalization, with its market value estimated at approximately $12.2 billion, according to insights from CoinMarketCap.&nbsp; 
<h2 id="strong-will-dogecoin-s-price-hit-the-0-1-level-by-the-end-of-march-strong">Will Dogecoin’s Price Hit The $0.1 Level By The End Of March?</h2> 
If <a href="https://coingape.com/popular-analyst-predicts-dogecoin-price-rebound-to-0-1/">DOGE</a> manages to surpass the $0.088 mark, it could be on track to encounter its next significant resistance at $0.102, potentially breaking free from its longstanding trading pattern. Achieving and maintaining a position above this critical juncture could open the door for Dogecoin to pursue a much more ambitious resistance level at $1.&nbsp; 
On the flip side, should Dogecoin’s price fall beneath the $0.085 level, it might retract to the descending support trendline at $0.083. A bearish market sentiment could further pressure Dogecoin, leading to a potential decline toward a lower support level of $0.07.&nbsp; 
<h2 id="strong-technical-indicators-signal-a-bullish-outlook-for-dogecoin-strong">Technical Indicators Signal a Bullish Outlook for Dogecoin</h2> 
The Moving Average Convergence Divergence (MACD) indicator presents a bullish trend, with a green histogram visible on the chart and the MACD line positioned above the signal line, suggesting a buying opportunity. The moving averages hint at a potential bullish crossover, indicating that significant price movements may be imminent. 
<figure id="attachment_180849" aria-describedby="caption-attachment-180849" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2024/02/DOGEUSD_2024-02-16_21-30-57.png"><img decoding="async" class="size-full wp-image-180849" src="https://coingape.com/wp-content/uploads/2024/02/DOGEUSD_2024-02-16_21-30-57.png" alt="Dogecoin Price" width="1154" height="652" srcset="https://coingape.com/wp-content/uploads/2024/02/DOGEUSD_2024-02-16_21-30-57.png 1154w, https://coingape.com/wp-content/uploads/2024/02/DOGEUSD_2024-02-16_21-30-57-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/02/DOGEUSD_2024-02-16_21-30-57-768x434.png 768w, https://coingape.com/wp-content/uploads/2024/02/DOGEUSD_2024-02-16_21-30-57-150x85.png 150w" sizes="(max-width: 1154px) 100vw, 1154px"></a>
 <figcaption id="caption-attachment-180849" class="wp-caption-text">
 Dogecoin Price Chart: <a rel="nofollow" href="https://www.tradingview.com/x/3X3dhZnK/">Tradingview</a>
 </figcaption>
</figure> 
The Chaikin Money Flow (CMF) index, standing at 0.10, points towards a possible upswing. Meanwhile, the Relative Strength Index (RSI) for DOGE/USD remains above 50, indicating a neutral market stance. The 20 Exponential Moving Averages and 50 EMA on the daily chart suggest a bullish inclination, with the 20 EMA positioned above the 50 EMA, further supporting the optimistic outlook for Dogecoin’s price trajectory. 
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The post <a href="https://coingape.com/markets/dogecoin-price-analysis-is-a-1-breakout-impending/">Dogecoin Price Analysis: Is a $1 Breakout Impending</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Dogecoin Price Analysis: Is a $1 Breakout Impending

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