Elon Musk, Twitter's new owner, is a crypto enthusiast, and there is no doubt about this. The purchase of Twitter came as a blessing to the broader crypto market. After the news of the Twitter acquisition, Dogecoin almost soared by 10%. The price of this popular meme coin has consistently reacted to Musk’s pronouncements and activities. The Tesla CEO and billionaire entrepreneur have significantly advocated for Dogecoin.
Since April, Doge reached the highest level and gained more than double over the past week following Musk’s deal completion, amid hope that at Twitter, he might push initiatives crypto-favorable.
On Thursday, Bloomberg reported citing unnamed sources, the company might dismiss about half of its employees. Musk unseated Twitter’s CEO last week with other senior executives, and his intention in the past has made no secret of changing the direction of Twitter.
The overall crypto market cap reached $1 trillion again last week, while the market cap of Dogecoin increased by 12% to $17,818,320,254.
Let’s see the Dogecoin (DOGE) Price Prediction from Dogecoin Price Prediction today:
Dogecoin (DOGE) Formed A Strong Bullish Breakout
Generally, a long consolidation after a bearish trend and a bullish range breakout with fundamental support are signs of a solid trend change. The same theory is applicable to Dogecoin, as the recent bullish breakout came after a long consolidation. However, investors should monitor how the trading volume changes with the price fluctuation.
Dogecoin (DOGE) price is trading 167% higher than the October low, where the high volume level from September-October is at 0.0593 level. It is clear that the bullish pressure from the swing low came with a larger player involvement, which could incur a trend change.
As the price is already 167% higher from the bottom, investors should read the price action carefully to avoid any unexpected rebound. The bullish trend was initiated from the breakout above the 0.0895 level with impulsive pressure. Therefore, if the price trades above the 0.0895 level, we may consider the upcoming price direction bullish.
Moreover, the recent buying pressure came with demand formation at the 0.1112 and 0.1156 levels, which could incur immediate buying pressure in the price. On the other hand, the dynamic 20 Day Exponential Moving Average is below the price, while the Relative Strength Index (RSI) is above the 70% level.
Based on the Dogecoin Price Prediction, the bullish trend could extend toward the 0.1795 key resistance level. In that case, any intraday bullish rejection from the near-term price level could offer a decent buying opportunity. However, breaking below the 0.1100 level with a daily close could increase the possibility of dragging the price toward the 0.0895 level.
Dogecoin (DOGE) Offers A Trend Trading Opportunity
According to the Ichimoku Kumo Cloud, the broader outlook of the DOGE/USD is bullish as the current price is above cloud support. The thickness of the future cloud is solid for bulls, where Senkou Span A is above the B and aiming higher. It is a clear sign that short-term bulls are still active in the market and could send the price to the near-term resistance level.
The indicator window shows the same story, where the MACD Histogram reached the neutral level. Moreover, the MACD line is above the neutral point, from where a bullish crossover could increase the bullish possibility in the primary chart.
Based on the Dogecoin Price Prediction, a new H4 bullish candle above the dynamic Tenkan Sen level might offer a long opportunity, where the ultimate target is to test the 0.1796 key resistance level.
The alternative trading approach is to wait for the price below the 0.1150 level with a bearish H4 candle before considering it as a bearish opportunity. In that case, the short possibility could extend towards the 0.0712 support level.
Dogecoin (DOGE) Intraday Price Action Analysis
In the hourly chart, the DOGE/USD price is trading within a strong bullish pressure, whereas the recent descending channel breakout with the strong support from volume could offer a bullish opportunity.
According to the current high volume indicator, the latest level is below the current price, indicating that institutional traders’ interest backs the current buying pressure. Moreover, the latest intraday high volume level is at 0.1249, which came with a higher high formation.
The dynamic 20 EMA and weekly VWAP are below the current price, while the Traders Dynamic Index (TDI) is at the overbought level.
In the DOGE forecast, the buying possibility is valid from the channel breakout, where bulls could raise the price to the near-term resistance of 0.1587. However, a bearish pressure with an H1 close below 0.1112 could alter the current market structure and lower the price to the 0.0800 area.
Is Dogecoin (DOGE) A Buy?
In the Dogecoin Price Forecast, the DOGE/USD intraday price will likely extend in the coming days. In that case, investors should monitor how the price trades at the near-term support level. Moreover, the broader crypto market is supportive of bulls, influenced by the weaker US Dollar, which could boost the buying pressure of Dogecoin.