Dogecoin Poised for $0.10 on One Condition, Notes Top Analyst

Following a prolonged consolidation phase, the top dog coin sets sight on $0.10.

Doge trying to beat a new price.
Created by Kornelija Poderskytė from DailyCoin
  • Dogecoin’s road to retesting the $0.10 price range is overshadowed by indecision.
  • Top crypto analyst Ali Martinez highlights the critical support cluster for DOGE.
  • DOGE price reversal was triggered by last week’s historical Bitcoin ETF approval.

Crypto chart analyst Ali Martinez showcased a TD Sequential graphic for Dogecoin (DOGE), measuring the price in the perspective of three days. The Tom Denmark (TD) Sequential is a trading instrument used to determine the end of a price trend. 

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Generating support and resistance lines for the trend switch to take place, TD Sequential’s indicator 9-candle setup phase for a bullish outbreak underlies $0.074, a support level held since November 22, 2023. Leaning into 2024 with just under 9 cents, DOGE sharply fell on the Bloody Wednesday crypto slump on January 3, 2024.

Currently, DOGE is changing hands at $0.0814, according to CoinGecko. Trading above the aforementioned $0.074 key support floor, Dogecoin’s 3-day TD Sequential flashed a ‘Buy Signal’, according to pro crypto analyst Ali Martinez. If the bullish breakout persists, DOGE could be heading to reclaim $0.10, a price range unseen since December 11, 2023.

Key Levels to Watch Amid Indecisive DOGE Price Moves

DOGE has been battered by the bears with a 13.9% deficit in the last 30 days despite claiming a yearly high above $0.10 twice in December 2023. DOGE has been trading in a downward parallel channel, finding key support at $0.078 after a 15% crash following Bitcoin ETF rejection gossip on January 3, 2024.

However, the bearish monthly perspective started to change after last week’s landmark approval of the inaugural Bitcoin exchange-traded fund (ETF); the canine crypto picked up on the bullish wave to restore 3.9% in value since the ETFs were approved by the U.S. Securities and Exchange Commission (SEC).

The current consolidation phase projects two scenarios for Dogecoin, with the price range between $0.074 to $0.088 hinting at indecision between crypto bulls and bears, as the monthly Relative Strength Index (RSI) points to neutrality at 50.69.

On the Flipside

  • Multiple other crypto traders on Twitter expect higher targets due to the expectations that Elon Musk, the tech mogul owning X Corp, will include Dogecoin’s blockchain in the financial ecosystem.
  • Musk affirmed he is holding an undisclosed amount of the top dog coin in a recent X Space event, while Dogecoin famously soared to $0.142 in November 2022, just a week after Musk’s $44B X acquisition.

Why This Matters

Dogecoin is the second largest Proof of Work (PoW) blockchain, only falling behind Bitcoin (BTC).

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.