Dogecoin has been lifted from its support zone after a major downfall in 2021 and has fallen from its high of $0.76 to its current price of $0.17. It got tested at the support line but couldn’t incline further. The price gave significant returns after being tested at the up-trend line at the end of November.
On 14 December, there was a high price movement in the bullish candle, after which the price moved sideways. The volume was in favor of bulls after 1.5 months. There was a formation of swing high on the same day, but the coin couldn’t break the trend line and closed above it, making it challenging to formulate an accurate Dogecoin price prediction.
Once the price breaks the swing high of $0.22 and closes above the trend line, a vigorous bullish momentum can be expected in the coming weeks.
The MACD line is above the signal line on the daily chart, and the histogram chart shows green candles. The RSI indicator at 54 is currently neutral, but it may head towards the overbought zone.
The price is moving outside the zone of the downtrend line stretching over from 28 October. The bulls need to push the price up for bullish momentum in the long run. A minimum target of $0.35 can be expected if the price moves upward.
On the weekly chart, the coin is still pursuing a bearish zone. However, the coin was tested at the support line but failed to further down and recovered. A bullish up-trending candle has recently formed after the formation of bearish candles from the past few weeks. The current candle is outside the zone of the downtrend pattern and is on its way to turnaround in an upward direction.
