In April, DOGE Anticipates Bullish Price Movement
The Dogecoin (DOGE) price is currently trading near the resistance line of a descending parallel channel, and a breakout from this range could potentially trigger a significant increase. Created as an internet meme coin by Billy Marcus and Jackson Palmer, DOGE has garnered attention from Twitter CEO Elon Musk, who has tweeted several times that it is his favourite cryptocurrency, and hinted at the possibility of Twitter accepting it as payment in the future.
Since May 2021, the DOGE price has been moving downward, leading to a low of $0.049 in June 2022. However, during the week of Oct 24-31, 2022, the price broke out from the descending resistance line and reached a high of $0.158, but has since struggled within a range of $0.076 to $0.125. While the weekly time frame is insufficient to predict the future trend’s direction, the daily time frame suggests a bullish trend due to the price bouncing at a long-term ascending support line, the RSI moving above 50, and a possible breakout from the parallel channel towards $0.125. However, if the DOGE price closes below the $0.076 support, it would invalidate the bullish forecast and result in a potential drop to $0.055. As always, investors should conduct their own research and seek professional advice before making any financial decisions.