$DOGE Note
I am Not working as advisor or as Expertise
Just do your own research for you practicality
As of October 2024, Dogecoin is showing mixed signals with key support and resistance levels playing a crucial role in determining its direction.
Current Price and Technical Analysis
Dogecoin is currently trading around $0.11. The key support level to watch is at $0.0974. If the price falls below this, further declines towards $0.091 or even lower are possible. On the upside, the first major resistance is at $0.1146, and a sustained move above this could lead to a breakout towards $0.1388. Successfully surpassing this zone could see the price surge to around $0.15 ïżŒ.
Technical Indicators
Dogecoinâs 14-day RSI is at 41.91, indicating a bearish trend. The price is trading below all major moving averages on the daily chart, and the Bollinger Bands show an upper band at $0.1259 and a lower band at $0.0938. This suggests the potential for a rally if the price can break past its current SMA level of $0.1099 ïżŒ
On-Chain Metrics and Investor Sentiment
Despite the recent downtrend, on-chain metrics reveal positive investor sentiment. Large transactions have increased, and the number of addresses holding between 1 million and 10 million DOGE has risen, indicating accumulation. Additionally, a considerable buy interest is observed at the $0.10 level, suggesting that any dip below $0.10 might be short-lived as strong buying pressure could push prices back up ïżŒ.
Forecast and Long-term Outlook
In 2024, Dogecoinâs price is predicted to range between $0.10 to $0.16, with an average price around $0.13. If the bullish trend continues, Dogecoin could potentially reach $0.24 by the end of the year. Long-term forecasts suggest that the price could go as high as $1.91 by the end of 2025 if the market conditions are favourable
Final Thoughts
Dogecoin is at a critical junction. Holding the $0.0974 support level is crucial for preventing a further decline. Investors should watch for a breakout above $0.1146 as a signal for potential upward momentum. However, caution is advised given the volatility and the bearish signals from technical indicators.
