Dogecoin is showing bounce from important support levels. Now the main question is how far can this rally extend? And can you buy now?
In this article, we will look at Dogecoin price analysis by looking at price chart and technicals.
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DOGECOIN Price Target
Price: $0.1944 USD
Market Capitalization: Approximately $28 billion USD
24-Hour Trading Volume: $2.08billion
Circulating Supply: 148 billion
Total Supply: Infinite
Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern and above $0.18 resistance, which could signal at least a temporary bullish trend reversal with +25% upside potential to $0.25 next.
Stop Loss at $0.16. This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend. Notice also that the Gap from $0.18 to $0.35 from early November
Technical Indicators
Relative Strength Index (RSI): Approximately 34, indicating oversold conditions.
Moving Averages:
50-day MA: DOGE is struggling to reclaim this level.
200-day MA: Serving as strong support.
Support and Resistance Levels
Support: Around $0.22
Resistance: Key psychological level at $1.00
Recent Developments
Government Efficiency Initiatives: In 2024, President Trump established the Department of Government Efficiency (DOGE), led by Elon Musk, aiming to reduce federal spending by up to $2 trillion. This initiative has faced legal challenges and public backlash due to significant workforce reductions and concerns over privacy and governance.
Regulatory Discussions: The classification of Dogecoin remains a topic of debate among regulatory bodies. The SEC is considering it as a potential security, while the CFTC may view it as a commodity. This ambiguity affects its trading and adoption.
Legislative Actions: The Senate is set to vote on the GENIUS Act, a stablecoin bill that could impact the legitimacy and adoption of cryptocurrencies like Dogecoin.
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