Dogecoin (DOGE) Getting Ready for Massive Run: Is $0.1 Possible This Year?

18 Sep 2023 by Crypto Presale 2 min read

The Dogecoin community is in for a great treat as it’s looking more likely for DOGE to hit the much anticipated $0.1 mark in the coming weeks. While this is a positive, a major resistance must be overcome before this can be possible.

Dogecoin is trading at $0.62, a 0.44% increase within the last 24 hours. Also, Dogecoin has increased by 3.4% in the last seven days and is down by 10% since the beginning of the year. This slow motion is about to change as DOGE might be preparing for a major upswing.

Technical Analysis

Daily Timeframe

Source: TradingView

DOGE rallied from the $0.55 level to $0.1 earlier in the year. But bearish market conditions and different fundamental news like the SEC regulations against cryptocurrencies triggered a selloff. This has caused all the gains made earlier in the year to be wiped out.

Dogecoin is trading close to a major support, closer to this year's low. Buyers have defended this zone several times, and it will take more than selling pressure to break below it. DOGE has been in consolidation since August, and looking at the candlesticks around the zone, we can see more buys than sells. Also, on the Relative Strength Index, we can see a potential bullish divergence forming, which shows that DOGE is in an accumulation stage.

4 Hour Timeframe

Source: TradingView

The 4-hour timeframe gives a clearer picture of the price action. DOGE has just broken above the 50-day EMA, which shows that the price is about to turn from bearish to bullish. Also, the RSI is now trending above the 50% band, confirming that we might see DOGE run up to the next resistance zone around $0.66 in the short term. A close above the $0.66 zone will mean smooth sailing to the next zone, around $0.82.

Is $0.1 Possible This Year?

DOGE's technical indicators currently hint at a potential shift from a bearish to a bullish trend. However, for DOGE to reach $0.1 this year, it must overcome two significant resistance levels: 0.66 and 0.82. A major piece of positive news could act as a catalyst for this surge.

Elon Musk, a prominent figure keen on Dogecoin (DOGE), has significantly influenced DOGE's rise in 2021. His involvement, including rebranding the Twitter app to X, has many crypto experts anticipating DOGE's integration into the Twitter/X ecosystem.

The potential integration of Dogecoin (DOGE) as a mode of payment in X could yield remarkable rewards, potentially triggering the next rally for DOGE.

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