In Brief
In both the USD and BTC currencies, the DOGE price has successfully crossed over a long-term falling resistance line, indicating a bullish trend reversal.
The weekly timeframe's readings and price movement both favor the bull. As a result, they predict that the price of DOGE will rise further soon.
Despite the fact that the trend is bullish now, it will turn negative if the price drops below the nearest horizontal support level. Then there might be a substantial decline.
The price of DOGE has risen over a significant long-term resistance level. The price is currently trading near to its pre-breakout levels, despite the fact that the movement did not result in the expected dramatic gain.
The long-term forecast for both the DOGE/USDT and DOGE/BTC pairs, however, is still optimistic.
Dogecoin Price Clears Long-Term Resistance
The meme currency had been following a downward resistance trendline after hitting its all-time high of $0.739 in May 2021, according to the weekly time frame technical analysis of DOGE. In June 2022, this fall caused the price to reach a low of $0.049 (green icon).
Then DOGE started its recuperation phase. It started trading above the horizontal support level of $0.060. The price of DOGE finally broke over the resistance line on July 15 after multiple fruitless attempts over a period of six months; the line had been in place for an astonishing 805 days.
Some people think that Twitter's rebranding by Elon Musk may be to blame for the surge.
Such long-term patterns frequently break, and this signals the end of the previous trend, which frequently results in big price hikes. It's crucial to remember that the anticipated price hike has not yet taken place.
 |
| DOGE/USDT Weekly Chart 📈📉 |
The Relative Strength Index (RSI) reading for the week does not offer a firm conclusion. With the use of the momentum indicator RSI, traders may determine if a market is overbought or oversold and make buying or selling choices accordingly.
RSI readings that are going upward and above 50 indicate that the bulls are in the lead. Readings below 50, on the other hand, imply the opposite situation. The RSI went barely above 50 last week, but as it is still circling around that level, it is still difficult to tell which way the trend is going.
20% less would be lost if DOGE fell below the $0.060 support level, while 100% more would be gained if it kept moving higher, to $0.150.
Dogecoin Gains Against Bitcoin (BTC)
The DOGE/BTC pair's weekly timescale likewise has a bullish outlook. There are primarily two causes for this.
First of all, the price returned to the 230 Satoshi region (green circle) after briefly straying below it. Departures and reclaims are strong bullish movements that frequently result in big gains.
The region had been in place for 900 days at the time of the divergence, which increases the significance of this change.
After that, the DOGE price broke out from a declining resistance line, further indicating a bullish trend.
The positive trend has not yet been confirmed by the RSI, though. Despite the indicator's growth, it remains below 50.
The next resistance level, which is 45% higher than the current price at 370 Satoshis, will be reached if the price rises further.
 |
| DOGE/BTC Weekly Chart 📉📈 |
Despite our positive Dogecoin price prediction, if the price closes below the 230 Satoshi and $0.060 support levels, the trend will remain bearish. If so, the price may drop to the long-term support level of $0.060.
DISCLAIMER
This price analysis post is for informational reasons only and shouldn't be used as financial or investment advice, in accordance with the Trust Project rules. BeInCrypto is dedicated to providing factual, fair reporting, however market conditions can change suddenly. Before making any financial decisions, always do your own research and seek professional advice.