Dogecoin (DOGE) Eyes Potential Upside if it Breaks Current Levels

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The ninth largest cryptocurrency by market capitalization, Dogecoin, has been trading in a range for a couple of months now. The memecoin also shows strength for potential upward movement if it could break the current trading range.

Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The success of Dogecoin is closely intertwined with Elon Musk’s passion for it.

Elon started tweeting about Dogecoin in early 2021, sharing a lion king Doge meme that kickstarted a parabolic Doge rally that sapw it become very popular amongst crypto investors and traders.

Notable Price Action of Dogecoin (DOGE)

Dogecoin has been trading sideways for the past couple of weeks with no notable price movement. The price has declined for the last few days after reaching the $0.075 price mark on July 15.

It is important to note that the price rally from $0.068-$0.075 was triggered by the recent Ripple lawsuit victory over the United States Securities and Exchange Commission (SEC).

However, the euphoria of Ripple’s victory over the SEC seemed short-lived as the price declined back to the previous trading range the following day.

According to CoinMarketCap Data the Dogecoin price today is $0.069034 with a 24-hour trading volume of $316,899,398. Dogecoin is down 0.25% in the last 24 hours.

Possible Price Breakout to The Upside

As represented in the chart above, after the price rally to the $0.075 level, there has been a steady decline which has seen Dogecoin reach a quarterly low of about $0.0534.

The trendline clearly indicates the obvious price decline in the last 7 months. However, if the price of DOGE could break out from the current trading range, we could see significant gains in the coming weeks.

As shown on the chart’, the point below the Trendline are key resistant levels to watch out for, denoting a bullish or bearish sentiment in the long run.

Key Levels on The Dogecoin Chart

As illustrated on the chart, Dogecoin traded into its previous support level of $0.063 on June 10, 2023, and rallied upwards, almost reaching its daily resistant level of $0.10546 on April 3, 2023.

DOGE’s price recently returned and traded below the daily support after a huge spike downwards. The market traded around the support range before moving past it, reaching an average price of $0.069.

The key levels on the chart are important zones price has to move past to confirm the bulls are stepping back into the market. However, we could see higher prices of DOGE in the coming weeks if it can trade into or past the key resistant levels as indicated on the chart.

Price Review Using Technical Indicator

As shown on the chart, the price of DOGE/USDT has bounced off from the lower band of the Bollinger Bands indicator, suggesting a potentially bullish signal.

Traders often interpret this as a sign of a price reversal and anticipate an upward movement. It indicates that the price may have reached a support level and could experience a subsequent increase.

The Relative Strength Index is also sitting at 44.72, slightly above the oversold region of 30. This indicates a potential trend reversal and a buy signal for investors and traders alike.

However, the asset’s Moving Average Convergence Divergence (MACD) is trading below the signal line and the histogram bars are showing red candles, which indicates a bearish signal.

This suggests that selling pressure dominates the market, and the price may continue to decline. Traders may interpret this as a potential opportunity to sell or avoid entering long positions.

It is important to note that the crypto market is highly volatile, and traders should consider other technical analysis tools before making investment decisions.

Expert price predictions for DOGE

According to Changelly‘s technical analysis. The price of Dogecoin in 2023 is expected to hit a minimum cost of $$0.0599.

The maximum level that the DOGE price can reach is $$0.0661. The average trading price is expected to be around $$0.0722.

According to Crytonewsz, As per the market sentiment and future price action, the maximum expected DOGE price might be around $0.18. Whereas the average price might be $0.13, and the minimum price might be $0.074.

Dogecoin price might have found great support in a short period after the rise of this year.

According to Digitalcoinprice‘s current Dogecoin price prediction, the value of Dogecoin will increase by 238.95%, reaching $0.25 by the end of 2025.

All technical indicators indicate that the current sentiment is Neutral, while the Fear & Greed Index is reading 18.43, which means extreme fear.

Based on DigitalCoinPrice, almost all technical analysis indicators signaled bullish signals, while other indicators signaled bearish signals, indicating a general Neutral sentiment among Dogecoin price predictions.

Factors that could affect the price of doge in the long and short term

Following the recent market sentiment revolving around regulations and the Ripple lawsuit victory over the SEC, the cryptocurrency market has seen volatility and whale activities increased in the past few days.

This could lead to sustainable long-term price action for Dogecoin and the crypto market in general. It is also evident that Elon Musk’s frequent tweets on Dogecoin could eventually affect the long-term price performance of the token.

Also, twitter’s earlier announcement of using Dogecoin as a payment reward for creators on its platform could prove to be very pivotal in the push for the general crypto market adoption.

These are amongst other factors which could influence the price of the token. Meanwhile, for investors looking for an alternative crypto investment, Ecoterra could be a promising one.

Ecoterra raises over $6.2M in its presale round.

Ecoterra is a blockchain company dedicated to making recycling easier and combating global warming. Ecoterra aims to raise awareness about the importance of recycling and motivate people to participate in it actively.

By rewarding users for their recycling efforts, Ecoterra offers a platform for individuals to earn passive income while positively impacting the environment. Ecoterra’s reward system, known as R2E (Recycle to Earn), serves as an incentive for users to engage in recycling activities.

Ecoterra raised $6,287,859 in its concluded presale and is already trading live on the decentralized exchange uniswap. It is also life on LBANK with its 12% staking APY (Annual Percentage Yield) available for LBANK users.

It is also available for trade on Bitmart. According to CoinMarketCap Data, Ecoterra is trading at $0.002824 with a 24hrs trading volume of $102,000.

Price is down significantly by 21% in the last 24H. Ecoterra is an ERC-20 token with a supply of 2,000,000,000.

What makes Ecoterra Unique?

Ecoterra utilizes Blockchain technology to enhance circular economy processes.
They provide a marketplace for recycled materials, promoting the reuse of resources.
Ecoterra incentivizes individuals to recycle by offering rewards for their recycling efforts.
This approach increases recycling rates and encourages sustainable practices.
Using blockchain ensures transparency and security in tracking emissions and carbon credits.
Ecoterra’s carbon offset marketplace helps mitigate the effects of climate change.
By participating in Ecoterra, individuals can positively impact the environment while earning rewards.

How to Earn Ecoterra by Recycling

The following are the three easy steps to earn Ecoterra tokens:

Scan the barcode of recyclable products using the Ecoterra app. Its AI-powered database will instantly match the product.
Use the app to scan plastic, glass bottles, and aluminum can barcodes. Before visiting a Recycling Vending Machine (RVM), ensure the product is in their database to earn Ecoterra each time you recycle.
Earn Ecoterra for each item you recycle. Simply recycle your items in the RVM, take a photo of the receipt, and upload it to the app. Ecoterra tokens will be deposited into your account instantly.

How to buy Ecoterra

Ecoterra is available for trade on both decentralized and centralized exchanges.

You can get Ecoterra ($ECOTERRA) on uniswap v3 with the following method;

Fund your MetaMask or Trustwallet or any other EVM-compatible wallet with ETH or USDT
Proceed to the swap interface and add the contract address of Ecoterra which can be gotten from the official website.
Input the intended swap amount and proceed with approving the transaction. Make sure you have enough ETH to cover the transaction fee.

Ecoterra can also be purchased on CEX, like LBANK, Bitmart, and Okex.