{"id":640558,"date":"2024-09-08T14:00:19","date_gmt":"2024-09-08T14:00:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=640558"},"modified":"2024-09-08T09:54:19","modified_gmt":"2024-09-08T09:54:19","slug":"dogecoin-price-prediction-extended-consolidation-or-a-break-below-above","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/dogecoin-price-prediction-extended-consolidation-or-a-break-below-above\/","title":{"rendered":"Dogecoin Price Prediction: Extended Consolidation Or A Break Below\/Above?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Dogecoin has had its <\/span><a href=\"https:\/\/ktsl888.com\/analysis\/doge\/dogecoin-price-doge-struggles-0-10\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">ups and downs<\/span><\/a><span style=\"font-weight: 400\"> in the past seven days: from breaking down below a support at $0.095, to bouncing back up and hitting notable resistance at $0.099. Following this brief rally, Dogecoin experienced<\/span><a href=\"https:\/\/bitcoinist.com\/dogecoin-and-shiba-inu-price\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\"> another downward shift<\/span><\/a><span style=\"font-weight: 400\"> as the bulls were unable to maintain the momentum. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/helium-hnt-network-expansion-fuels-13-gains-despite-faltering-market\/\" target=\"_blank\" rel=\"noopener \">Helium (HNT) Network Expansion Fuels 13% Gains Despite Faltering Market<\/a><\/div>\n<p><span style=\"font-weight: 400\">It dropped once again, breaking through several support levels until bottoming at $0.0899. Since bottoming at $0.0899, DOGE has increased back up by over 7.75% to $0.09687 at the time of writing. Although this price surge might appear relatively modest compared to larger market moves, it is particularly noteworthy given the current situation of the entire crypto market.<\/span><\/p>\n<h2><b>Dogecoin Price Movement<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The recent <\/span><a href=\"https:\/\/bitcoinist.com\/dogecoin-10x-block-speed-increase-new-trailmap\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">uptick in Dogecoin&#8217;s price<\/span><\/a><span style=\"font-weight: 400\"> can be largely attributed to a social media post by billionaire Elon Musk on X, formerly known as Twitter. <\/span><a href=\"https:\/\/x.com\/elonmusk\/status\/40881133\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">In the post<\/span><\/a><span style=\"font-weight: 400\">, Musk, the CEO of Tesla and owner of X, shared an AI-generated image that depicted him sitting behind a desk with a placard displaying the letters &#8220;D.O.G.E.&#8221; The image was accompanied by a caption reading &#8220;Department of Government Efficiency.&#8221; <\/span><\/p>\n<p><span style=\"font-weight: 400\">While Dogecoin itself was not explicitly mentioned in the post, it appeared to spark excitement among market participants, many of whom are familiar with Musk\u2019s past influence on the meme coin. However, the surge wasn&#8217;t up to what many might expect, as it wasn&#8217;t enough for a notable price breakout.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the initial surge following Musk\u2019s post, Dogecoin\u2019s price remains below its recent seven-day high. It continues to trade within a relatively tight consolidation range. As of the time of writing, DOGE is valued at $0.0956, situated between a key resistance level of $0.1, which corresponds to the 0.382 Fibonacci retracement level from August 24, and a support level of $0.09, marked by the 0.786 Fibonacci retracement level from the same period.<\/span><\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/mqi6lF7K\/\" width=\"1835\" height=\"883\"><figcaption class=\"wp-caption-text\">DOGE market cap currently at $14 billion. Chart: TradingView<\/figcaption><\/figure>\n<h2><strong>Slight Ascent<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Although there has been a slight upward movement, Dogecoin still faces significant resistance barriers to breaking out of its current range. Going by the Fib retracement indicator, DOGE holders currently have a lot of work to do in inducing buying pressure to push it back up. Interestingly, <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/DOGE\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">on-chain data<\/span><\/a><span style=\"font-weight: 400\"> from IntoTheBlock reveals that Dogecoin\u2019s trading volume and overall activity have dropped considerably since the beginning of September. <\/span><\/p>\n<p><span style=\"font-weight: 400\">This reduced activity increases the likelihood of continued price consolidation in the short term. Without a significant influx of trading volume or a major catalyst, Dogecoin may struggle to gain the traction needed to break out of its current range.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ether-liquidity-plummets-40-on-exchanges-after-etf-debut\/\" target=\"_blank\" rel=\"noopener \">Ether Liquidity Plummets 40% On Exchanges After ETF Debut<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, some on-chain signals like the total exchanges netflow are <\/span><a href=\"https:\/\/ktsl888.com\/news\/dogecoin\/dogecoin-moving-averages-price\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">currently pointing bullish<\/span><\/a><span style=\"font-weight: 400\">. In the case of a breakout of the consolidation, the first short-term price target is around $0.11. On the other end, a breakdown below the support level <\/span><a href=\"https:\/\/ktsl888.com\/analysis\/doge\/dogecoin-falls-below-trendline-resistance\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">could push DOGE<\/span><\/a><span style=\"font-weight: 400\"> lower to retest $0.08.\u00a0<\/span><\/p>\n<p><em>Featured image from Newsweek, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin has had its ups and downs in the past seven days: from breaking down below a support at $0.095, to bouncing back up and hitting notable resistance at $0.099. Following this brief rally, Dogecoin experienced another downward shift as the bulls were unable to maintain the momentum. Related Reading: Helium (HNT) Network Expansion Fuels 13% Gains Despite Faltering Market It dropped once again, breaking through several support levels until bottoming at $0.0899. Since bottoming at $0.0899, DOGE has increased back up by over 7.75% to $0.09687 at the time of writing. Although this price surge might appear relatively modest compared to larger market moves, it is particularly noteworthy given the current situation of the entire crypto market. Dogecoin Price Movement The recent uptick in Dogecoin&#8217;s price can be largely attributed to a social media post by billionaire Elon Musk on X, formerly known as Twitter. In the post, Musk, the CEO of Tesla and owner of X, shared an AI-generated image that depicted him sitting behind a desk with a placard displaying the letters &#8220;D.O.G.E.&#8221; The image was accompanied by a caption reading &#8220;Department of Government Efficiency.&#8221; While Dogecoin itself was not explicitly mentioned in the post, it appeared to spark excitement among market participants, many of whom are familiar with Musk\u2019s past influence on the meme coin. However, the surge wasn&#8217;t up to what many might expect, as it wasn&#8217;t enough for a notable price breakout. Despite the initial surge following Musk\u2019s post, Dogecoin\u2019s price remains below its recent seven-day high. It continues to trade within a relatively tight consolidation range. As of the time of writing, DOGE is valued at $0.0956, situated between a key resistance level of $0.1, which corresponds to the 0.382 Fibonacci retracement level from August 24, and a support level of $0.09, marked by the 0.786 Fibonacci retracement level from the same period. Slight Ascent Although there has been a slight upward movement, Dogecoin still faces significant resistance barriers to breaking out of its current range. Going by the Fib retracement indicator, DOGE holders currently have a lot of work to do in inducing buying pressure to push it back up. Interestingly, on-chain data from IntoTheBlock reveals that Dogecoin\u2019s trading volume and overall activity have dropped considerably since the beginning of September. This reduced activity increases the likelihood of continued price consolidation in the short term. Without a significant influx of trading volume or a major catalyst, Dogecoin may struggle to gain the traction needed to break out of its current range. Related Reading: Ether Liquidity Plummets 40% On Exchanges After ETF Debut However, some on-chain signals like the total exchanges netflow are currently pointing bullish. In the case of a breakout of the consolidation, the first short-term price target is around $0.11. On the other end, a breakdown below the support level could push DOGE lower to retest $0.08.\u00a0 Featured image from Newsweek, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":640567,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,1785,7,3504],"class_list":["post-640558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-doge","tag-dogecoin","tag-price"],"acf":[],"yoast_head":"\n<title>Dogecoin Price Prediction: Extended Consolidation Or A Break Below\/Above?<\/title>\n<meta name=\"description\" content=\"Dogecoin has had its ups and downs in the past seven days: from breaking down below a support at $0.095, to bouncing back up and hitting notable\" \/>\n<meta name=\"robots\" content=\"index, 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