• Dogecoin may be used for Twitter-” X” payments in the future, says Raoul Pal.
• DOGE derivatives data suggest that there has been an increment of +21.11% in the open interest with short liquidation of $3.92M.
• Elon Musk says that DOGE is one of his favorite crypto coin.

DOGE is a blockchain platform and a cryptocurrency that originated as a joke based on an internet meme with a Shiba Inu dog. It was developed in 2013 by Billy Markus and Jackson Palmer, who adapted it from Litecoin. DOGE uses a Scrypt algorithm and a delegated proof-of-stake (DPoS) consensus mechanism. It has no limit on the number of minted coins and a quick block time of 1 minute.

Dogecoin (DOGE) is currently worth $0.07748 per coin and has risen by more than 13% in the last 30 days. According to coinmarketcap.com, DOGE cryptocurrency has a market cap of $10.88 Billion and is the 7th largest crypto in the crypto market. It has a daily volume of $1.44B, which is about 13.34% of its market cap.

As per the Dogecoin price analysis, the price is advancing from lower levels moving toward the upper band of the rising wedge. The price has been advancing after hitting a swing low of $32.40 continuing toward the resistance levels.

Dogecoin Price Technical Analysis in Daily Timeframe

Dogecoin price prediction shows a rise of nearly +12.0% in the past 7 days after bouncing off the support levels and is still rising maintaining the uptrend and making higher high swings. With this rise in price, there is an increase of +147.92% in volume which indicates that the buyers are joining the market which can result in higher prices in the market.

Dogecoin Price Indicator Analysis

Source: DOGE/USD.COINBASE.1D by TradingView

Based upon the Scalpswing Tool the Dogecoin has broken out above the Exponential Moving Averages band and is heading in the upwards direction.

This clearly indicates that the DOGE is in an uptrend getting support from the buyers as there is a spike of +91.08% in trading volume. 

The price of DOGE is showing strength as it is sustaining above the 50 level on the RSI indicator. Moreover, the RSI has moved above the SMA line, signaling that the market is under bullish pressure and is currently trading at 66.95 and if breaks further above then it can lead to higher prices.

Conclusion

Dogecoin (DOGE) price is steadily increasing after reaching support levels on the downside. According to Dogecoin price prediction, the market is in favor of the buyers in the short term. Technical indicators also imply a bullish trend in the near future and the Volume confirms the rise in price.

Therefore, if the buyers maintain the buying pressure in the same manner we can see much higher levels in the DOGECOIN in the upcoming days hitting resistance at higher levels.

  

Technical Levels: 

• The support levels are $0.05664 and $0.06192
• The resistance levels are $0.08169 and $0.09566

Disclaimer

This article is only for information and does not give any financial advice or suggestions about buying, selling, or holding any financial instrument. Please note that financial markets are risky and unpredictable, and past performance does not guarantee future results.