• 16 July, 2024
News

Dogecoin Forecasts Positive Surge Amidst Cryptocurrency Decline

As the cryptocurrency market faces a downturn, a pseudonymous analyst, Kaleo, has boldly predicted the future of Dogecoin (DOGE/USD). Kaleo foresees more than a 125% surge in Dogecoin, stating, “Maybe I’m crazy, but I’m watching for something like this”.

This prediction comes amid the recent July-August correction in the crypto market. With Dogecoin currently trading at $0.06312, Kaleo’s chart suggests that the digital currency could potentially rise to $0.14, representing a substantial increase of 125%.

The creator of Dogecoin, Billy Markus, reportedly imparted valuable advice to traders via a post on X last Thursday. Markus recommended that investors not invest an amount in cryptocurrencies that they would not be comfortable seeing “burn in a fire.” The developer also revealed his preferred cryptocurrencies, pointing out the top two contenders in terms of market capitalization, Bitcoin (BTC/USD) and Ethereum (ETH/USD).

Over the past two years, the Dogecoin price has allegedly been hovering in a sideway trendline under the influence of a symmetrical triangle pattern. According to analysts, traders bullish on Dogecoin could accumulate at its current support, $0.06137, and await an overhead trendline breakout to confirm a trend change better.

A bullish breakout from the upper trendline would intensify the bullish momentum and could lead the price rally to $0.11, followed by $0.16 and, ultimately, $0.221. Conversely, a bearish breakdown from the pattern’s lower trendline could trigger a massive correction in DOGE prices.

Technical indicators such as the exponential moving averages (EMAs) reflect a sideways trend in DOGE price, as the daily EMAs (20, 50, 100, and 200) remain flat. Meanwhile, the daily Relative Strength Index (RSI) of 31, positioned in the oversold region, reflects a high probability of a bullish reversal.

DOGE/USD 24-hour price chart, Source: Trading View 

Dogecoin holds a 24-hour trading volume of $237,443,042. The cryptocurrency, currently holding the 8th position on CoinMarketCap with a market cap of $8,883,469,390,  has experienced a 0.45% increase in the last 24 hours. It has a circulating supply of 140,693,766,384 DOGE coins.

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