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Dogecoin Price Prediction as $1 Billion Sends DOGE Soaring 14% – $1 DOGE Incoming?

Dogecoin (DOGE), the memetic mainstay of the crypto world, has witnessed a remarkable 14% surge in its value, following a massive $1 billion injection into its market. As of January 21, DOGE is trading at $0.085185, with a notable 24-hour volume of approximately $1.17 billion.

Currently ranking 9th by market capitalization, Dogecoin boasts a live market cap of over $12 billion, reflecting significant investor interest.

#Dogecoin surges 14% amid a $1B market influx, hitting $0.085 with a $12B market cap. Traders eye the $1 milestone as #DOGE shows strong momentum. Is the moon in sight? #Crypto #DOGEto1Dollar #MarketWatch

— Arslan Ali (@forex_arslan) January 21, 2024

With a substantial circulating supply of nearly 142.75 billion DOGE coins, the market is abuzz with speculation about the potential for Dogecoin to reach the elusive $1 mark.

Dogecoin Price Prediction

Dogecoin’s (DOGE) market presence has been subject to a significant technical maneuver as it recently completed a 50% Fibonacci retracement at the $0.0861 mark. This retracement indicates a critical juncture; the price reaction around this level could set the tone for DOGE’s short-term trajectory.

Currently, DOGE is trading slightly above this level, hinting at a consolidative phase. The pivot point, delineated by the green line at $0.08188, acts as a fulcrum for price action, with DOGE oscillating around this axis.

#DogecoinTechnicalAnalysis: #DOGE recently hit a key 50% Fibonacci level at $0.0861. Hovering around pivot point $0.08188, eyes are on resistance at $0.09184 & $0.09700.
Will it hold support at $0.08340 or dip to $0.08005? RSI neutral. Watch those EMAs! #CryptoForecast pic.twitter.com/9udhZlD7WM

— Arslan Ali (@forex_arslan) January 21, 2024

Should DOGE sustain its momentum and breach the 50% retracement level, it could face resistance at $0.09184, which aligns with the 23.6% Fibonacci level.

Further upward movements might confront additional resistance at the psychologically significant $0.09700 level, which market participants may eye as a potential target in the event of a bullish resurgence.

On the downside, if the price slips below the pivot, the 61.8% Fibonacci level at $0.08340 could be the next arena of interest for support.

A breach of this support might trigger a test of sturdier foundational support at $0.08005, a critical threshold that could dictate whether DOGE’s market sentiment veers into bearish territory.

Dogecoin Price Chart – Source: Tradingview

The Relative Strength Index (RSI), currently at 58.26, indicates a neutral market, with no immediate signs of overbought or oversold conditions. This neutrality could suggest a standoff between buyers and sellers as they navigate the current market landscape.

Furthermore, the Exponential Moving Averages (EMAs) provide additional insight; the 50 EMA at $0.08188 offers a baseline that reinforces the pivot point’s significance. Should DOGE’s price sustain above the 50 EMA, it may embolden bullish sentiment, whereas a descent below could invite bearish pressures.

In conclusion, Dogecoin’s market behavior points towards a tentatively bullish outlook, with the $0.0861 level serving as a pivot for its immediate future.

Web3 Gaming Trailblazer Meme Kombat Nears $8 Million Goal in Presale

Meme Kombat, the vanguard of Web3 gaming, is making significant strides in the cryptocurrency domain, having amassed an impressive $7.29 million in its ongoing presale, inching towards its $8 million objective.

With the current price of its $MK token at $0.279 and the presale drawing near its culmination, Meme Kombat is stirring excitement among crypto and gaming aficionados alike.

The platform has already distinguished itself by offering both active betting and passive staking, ensuring that all participants can reap rewards.

As the presale progresses towards the final goal, Meme Kombat stands as a testament to the potential that lies in the fusion of gaming and blockchain technology.

Discover the thrill of Web3 gaming with Meme Kombat and join the forefront of this digital entertainment evolution.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

The post Dogecoin Price Prediction as $1 Billion Sends DOGE Soaring 14% – $1 DOGE Incoming? appeared first on Cryptonews.

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