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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.
Dogecoin Price Approaches Major Inflection Point
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 the lower yellow band) stays still intact. New buy orders may be entered as DOGE rebounds from support at the 200-day EMA or if push comes to shove, the confluence support at $0.0811. Otherwise, movement below the accelerated trendline may trigger a selloff to the lower trend line around $0.07.
That said, all is not lost for Dogecoin price bullish outlook now that the Moving Average Convergence Divergence (MACD) indicator dons a buy signal on the same daily chart. Notice the MACD line (in blue) holding above the signal line (in red), while sustaining an upward direction. At the same time, the green histogram above the mean line (0.00) suggests that momentum favors bulls, at least for now.
What Could Stand in The Way Of Dogecoin Price Hitting $1
As mentioned, the MFI indicator measures fund inflows and outflows. In the last three weeks, most of Dogecoin volume was positive, which to a great extent, pushed the price higher.
However, the MFI dip on Monday fell from the overbought region to 59.40 suggesting that more money is leaving Dogecoin markets suggesting a spike in profit booking among investors. Therefore, it would be prudent to prepare for the possibility of a correction ahead of another sharp move above $0.1.
Other Altcoins Promising Massive Returns in 2023
The Chinese New Year saw some altcoins like Dogecoin, Axie Infinity, and Terra Classic jump to higher levels, rewarding patient investors. While that ship may have sailed, investors have an opportunity to consider the best presale altcoins as they plan for the next few months. The new tokens listed here boast key fundamentals to rally upon listing on exchanges.
Meta Masters Guild (MEMAG)
Meta Masters Guild is a Web3 gaming platform that develops mobile games integrated with blockchain, enabling players to earn in-game rewards in an in-app currency called Gems. All the initial games: Meta Kart Racers, NFT Raid, and Meta Masters World form a decentralized ecosystem, where Gems can be exchanged for MEMAG (native token) which can be staked for additional rewards.
Players can also purchase playable NFTs using the token and they stand regular chances to win more NFTs and tokens. The platform also entails an online community whose members also have the chance to win prizes for participating in competitions and special community events.
The MEMAG tokens are in high demand and the platform is in the 2nd stage of the presale where they have sold over $1 million worth of tokens in under three weeks. A token is selling for $0.01 during this stage after which it will rise to $0.013 and even higher in subsequent stages.
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Fight Out (FGHT)
Investors interested in the niche M2E sector of the crypto economy are looking no further than FightOut. The team behind this new Web3 fitness ecosystem is eliminating all barriers to entry to provide an opportunity for everyone to benefit from living a healthy lifestyle. At FightOut, a healthy lifestyle means more than just weights and machines.
Every workout is personalized according to user needs, goals, and abilities. Bringing down the current prohibitive costs associated with the fitness industry is FightOut's biggest goal. In reality, community members would be rewarded for their effort, progress, and the value that such a lifestyle brings to the wider society.
FightOut presale has raised $3.23 million while offering a 50% bonus for purchases made before the $5 million threshold.
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C+Charge (CCHG)
C+Charge provides a blockchain platform that enables owners of electric vehicles to earn carbon credits. It creates an EV charging ecosystem that offers an efficient and transparent peer-to-peer payment system along with a great customer experience.
C+Charge is based on the web3 technology to facilitate real-time diagnosis of chargers, powering payment solutions for charging station networks, a transparent payment system, and a way to index carbon credits earned by drivers. Payments for charging EVs will be made using the utility token on the app - CCGH, thus eliminating the need for a point-of-sale machine.
The team is selling CCHG in an ongoing presale where $369k has so far been raised.
Visit C+Charge Now.
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