Dogecoin Price Prediction as $1 Billion Trading Volume Comes In – Can DOGE Hit $1 This Year?
Dogecoin price has been experiencing a lot of volatility in the last week, first rising to $0.0928 and dipping to $0.0786 before lifting again to trade highs around $0.0936. Bulls seem very aggressive and are searching for the next escape to $1.00. However, Dogecoin price is still trading below $0.1, and the next few days could determine the direction it takes.
After a stunning rally, Dogecoin price is holding very close to $0.1 – a level that could determine if DOGE is going to $1 or may consolidate a little longer, as investors book early gains. The most popular meme coin holds above all the applied major moving averages, starting with the 50-day Exponential Moving Average (EMA) (in red) and forming a confluence support with the 100-day EMA (in blue) around $0.0811.
Dogecoin price also sits above the 200-day EMA (in purple) and holds the ground at $0.0847. Support is also provided by two rising trend lines: the upper accelerated one and the major trendline, as observed on the chart.
A bullish outlook is anticipated in the upcoming sessions, possibly strong enough to lift Dogecoin price above $0.1. Investors appear to be driven by the meme coin’s fear of missing out (FOMO), which has been pushing prices to the roof.
According to the Money Flow Index (MFI), Dogecoin price has seen more funds flowing into its markets, compared to the outflow volume. The MFI is a momentum indicator like the Relative Strength Index (RSI), but it incorporates volume to measure inflow and outflow velocity. When it's up-trending, it hints at a positive momentum which increases the chances of a price rally – the opposite is also true.
For now, investors should focus on Dogecoin price holding above higher support, especially if resistance at $0.1 (in
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