Dogecoin (DOGE) is preparing for a massive liftoff as the price has remained in a tight consolidation for the last few days. At the time of publication, Dogecoin was trading up 1.02% at $0.068. Customers can now use Dogecoin to pay for rides on the Loop. The Boring Company’s Las Vegas transit system. Elon Musk, the company’s founder, originally envisioned high-occupancy vehicles going at 150 mph, but Loop consists of customers riding in Tesla cars driven by humans at roughly 35 mph. In 2013, a joke about a Shiba Inu dog that had become a popular Internet meme gave rise to Dogecoin. As Musk discussed Dogecoin in recent years, particularly on Saturday Night Live, the meme cryptocurrency gained popularity. The coin had risen by nearly 4000 percent in 2021, but this year it saw huge falls like all cryptocurrencies. It has decreased by 70% in the last 12 months.
Key Levels
Resistance Levels: $0.1000, $0.0786, $0.0709
Support Levels: $0.0622, $0.0500, $0.0300
DOGE/USD Daily ChartAfter a recent recovery to $0.0786, the DOGE/USD is seeking to retrace its steps to the previous support level of $0.0622. In the event of a collapse, it might become a sell signal with a target price of $0.0491 and perhaps even as low as $0.0300 for short-term profit-taking. However, the DOGE/USD pair is expected to extend its consolidation in the ensuing session.
The $0.0622 level may be the bears’ near-term goal. There isn’t enough information to prove a bullish trend reversal, even though the retracement from the local top at $0.0786 is still going strong. In other words, it might simply be a reverse of the recent consolidation. On the plus side, buyer confidence will return if there is a bullish rebound over the daily moving average (MA 500) at $0.0730.
DOGE/USD 4-Hour ChartOn the other side, 4-hour momentum indicators are currently indicating a short-term increase in consolidation. As the RSI continues to stay near the midpoint of 50, the DOGE/USD price is trading above the 4-hour moving averages of 5 and 13, floating and remaining in neutral territory.
In the next sessions, closing above the minor resistance level of $0.0709 might spark buying interest, confirm further advances into the $0.0786 hurdles, and possibly start a new rally. If there is a stronger bounce, the $0.1000 hurdles—which were noted as key short-term resistance—might be the next objective.
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