Thursday, April 18, 2024

Dogecoin Price Prediction: Uptrend Continues Despite WIF Surge.

The price of Dogecoin (DOGE), Dogwifhat (WIF), and the majority of the significant market capitalization-sized meme currencies are all trading with a positive bias.

Dogecoin protects its profits against Dogwifhat.

In the past week, Dogecoin (DOGE) has had a 69% price increase, while Dogwifhat has seen an almost 420% price increase. DOGE is down slightly from the previous day, whereas WIF has made gains of up to 30%.

The price of Dogecoin still has some upside potential, nevertheless, as it continues to hold the $0.1356 support level in spite of the pitiful gains. WIF could still increase the gains, just like DOGE.

Notably, because DOGE and Bitcoin prices continue to have a close association, Dogecoin’s upward potential is mostly determined by the price of Bitcoin (BTC). The IntoTheBlock data indicates an 85% connection.

Given that the Bitcoin market is presently raging due to increased interest in BTC exchange-traded funds (ETFs), the strong correlation between BTC and DOGE is a bullish fundamental for Dogecoin. The expectation of the BTC halving, which is only seven weeks away, confirms this. The spike in Dogecoin could be accelerated by the excesses of the BTC rally.

Prospects for Dogecoin prices under a rising BTC-DOGE correlation
With the god candle recorded on March 1, the price of Dogecoin was able to turn the rising trendline into a support. As long as it stays above this trendline, the price of DOGE may rise further. The largest meme coin by market capitalization might retake the $0.1510 range, or roughly 7% above current levels, if there is increased purchasing pressure above present levels.

In an extremely bullish scenario, the price of Dogecoin can break through this local peak and rise a neck higher to reach the psychological milestone of $0.1600. A move like that would represent a 13% increase over the present levels.

As long as the bulls continue to dominate the DOGE market, the Relative Strength Index (RSI) will continue to trend north, indicating increasing momentum. Large quantities of green histogram bars in the positive area indicate this for both the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO).

The MACD’s position, which is far above its signal line (orange band), supports the optimistic picture by indicating that the optimism cycle is getting stronger.

Conversely, DOGE value may extend to the problematic $0.1200 level if selling pressure intensifies and Dogecoin price breaks below the support owing to the ascending trendline, as demonstrated by a closing below the $0.1356 support.

In the worst scenario, the price of Dogecoin may drop to $0.1126, the 50% Fibonacci retracement level, which represents the midpoint of the market range. This would represent a 20% decline from the current levels.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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