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The Dogecoin price rose 6% in the last 24 hours to trade at $0.179 as of 03:15 a.m. EST on trading volume that surged 22% to $2.7 billion.
This comes as CoinDesk reports that Dogecoin’s recent price movements are similar to those observed in late 2020, after which the token loved by Elon Musk soared over 1000% in early 2021.
CoinDesk bases its prediction that Dogecoin could now repeat that feat on the Dow Theory, which is based on the idea that asset price trends are self-repeating.
Dogecoin Price Bulls Using The Inverse Head And Shoulders Pattern To Push The Price Higher
The Dogecoin price bulls remain resilient, driving the price from the $0.085 support to the resistance around $0.20. However, there seems to be a struggle for dominance as the DOGE records different lows and highs.
The downtrend to the $0.12 support level allowed the bulls to keep pushing the price even higher, which led to the formation of the inverse head and shoulders pattern, marking the end of a falling trend.
Additionally, the price has broken upwards through the neckline, which shows that DOGE is currently poised for a bullish rally.
DOGE is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the upward potential of the price.
The Relative Strength Index (RSI) shows that the bulls are determined to push the price up, as it trades above the 50-midline level at 61. If the current momentum sustains, the RSI could soar to the 70-overbought region, indicating intense buying pressure.
Dogecoin Price Prediction
The Dogecoin price analysis shows sustained bullish momentum, as the bulls use the inverse head and shoulders pattern to propel the price higher above the neckline.
Additionally, the bulls are aiming to use the RSI to push the price up, as they aim to surpass the 70-overbought level. The 50-day SMA crosses above the 200-day SMA, forming a golden cross at $0.08. The DOGE bulls are aiming to capitalize on these factors to soar the price, with the target set at $0.220.
However, the RSI could easily enter the overbought region at this point, which could mean that the bears could book profits. In such a scenario, the price would go through a retrace back to the support zone at $0.144, which coincides with the 200-day SMA.
As the Dogecoin price soars, investors are moving to its upgraded version, Dogecoin20, which garnered over $10 million in its sold-out presale in less than two weeks. Top analysts are saying the sky might be the only limit for this presale sensation.
Dogecoin20 Presale Sells Out – Last Chance To Buy
Dogecoin20 (DOGE20) is a more versatile and greener version of Dogecoin that carries forward the spirit of “Do Only Good Everyday.”
https://twitter.com/DOGE_COIN20/status/1768242237266104505
The project takes on the original project as a means to fit the current market while using the underlying hype from other dog-themed tokens like Shiba Inu and Dogecoin itself. Positioned as the first upgrade within Elon Musk’s favorite DOGE family, Dogecoin20 looks capable of surpassing even the incredible success of those two tokens.
https://twitter.com/DOGE_COIN20/status/1772555362840830017
Stake $DOGE20, Earn 106% APY
Dogecoin20 offers an opportunity for holders to stake their tokens to earn an impressive 106% annual percentage yield (APY).
According to 99Bitcoins, a prominent YouTube channel with 709K+ subscribers, Dogecoin20 is a top 5 crypto pick with the potential to soar up to 100X on launch.
To participate in the action, you have the option to acquire DOGE20 tokens for $0.00022 each through the official website. Payment can be made using ETH, USDT, or a bank card.
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