Despite Dogecoin’s origins as a meme currency, it has a large and active community of supporters who believe in its potential as a decentralized and transparent financial system. Additionally, Dogecoin has seen significant growth in recent years, which has led to increased interest and adoption.
With its recent huge jump in January 2023, Dogecoin reached a higher validation of $12.4 billion. While the token has strengthened its grasp among the top 10 cryptocurrencies, others still need the conviction for a positive movement. Despite a barrage of new DOGE-based cryptocurrencies being launched, it has maintained its position in the top levels, despite the minor threat of Shiba Inu overtaking this coin.
The attempts to break out from its 200 EMA resistance, despite being successful, have yet to bear positive results for this token. DOGE has gradually lost its buying sentiment and volumes creating a selling incentive position in the market. The technical indicators confirm a possible profit booking despite being in a relatively stronger price band. Read DOGE price prediction to know when the profit booking may begin.
Individual candlesticks confirm a buying sentiment’s attempt to push the token to new highs. Despite reaching a decent price band, Dogecoin’s value has found resistance above $0.09. The immediate resistance for DOGE is relatively close to the $0.1084 level.
The support of 200 EMA and 100 EMA could create a positive rally for the token in the short term. Still, long-term expectations can remain bullish until the price ratio trades above the 200 EMA in the long run. A push above $0.11 would add new psychological support for Dogecoin.
On weekly charts, the resistance for DOGE would remain heavy till it surpasses $0.13 as profit booking has pulled back Dogecoin value from these levels in a very short duration. Moreover, the individual weekly candlestick of DOGE is being hammered by wick formation on both the top and bottom sides, adding to an uncertain sentiment behind this meme cryptocurrency. Although, BTC’s push towards a decent strong zone would be a positive scenario for Dogecoin in the short term.
