Dogecoin (DOGE) price had to go through the rabbit hole as it recovered from the blows of the crypto winter.
- Dogecoin price refrains to subject to Elon Musk’s bidding
- Price underrated yet pins a surprise twist at the end
- DOGE nearing a breach before August ends; September hints at a pompous rally at 50%.
It seems that Elon Musk has been mum about Dogecoin for several months now hinting that the tie-up has ended, and it’s time to call it a day and move on.
DOGE Price Moving Up – With Or Without Elon Musk
With or without Elon Musk, DOGE is moving on and going no other way but up. DOGE traders have stepped on the gas and gave a strong bullish stride to the crypto; signaling the price to go way up.
The huge inflation wave has doomed the crypto market for several months in connection to the war in Ukraine. On a positive note, the price seems to know how to dance with the wave as it dashes through its fourth straight week of gains.
Chart from TradingView.com
Dogecoin is observed to be propped up the 55-day SMA that is used as its anchor for two consecutive weeks. With throttles and pivots spotted in August, this clearly hints that a breach is nearby. The underpinned price action is present at $0.068, hinting that the price can go way up peaking at $0.10; with returns of 50%. RSI for DOGE shows that it’s far from reaching the overbought zone.
Some risks of a downtrend are looming as seen on the 55-day SMA as bears can try to pull the price down to the $0.04 level which shows a plunge of 38%. If the bears can break through that level, then the coin price can dangerously hit rock bottom at $0.007.
According to CoinMarketCap, DOGE is up 6.6% and trading at $0.07525 as of this writing.
Dogecoin Set To Breach $0.08 Level
Dogecoin is one of the many cryptocurrencies that crashed with the perils of the crypto winter. However, in June 2022, these cryptocurrencies managed to hit reverse after hitting rock bottom and have traded upwards ever since and DOGE is even trying to double its figures before the year ends.
After DOGE reached rock bottom at $0.05, DOGE was able to jump back to the game. DOGE is showing off with a consistent uptrend which is also intensified by the upcoming merge with Ethereum.
Early this month, DOGE slipped from the top 10 list of biggest cryptocurrencies but has now seen an impressive recovery today as the prices soared by as much as 8% as seen overnight with Polkadot as its closest competitor.
Judging by the current market dynamics, DOGE is seen to potentially peak at $0.10, especially with the coin’s consistent uptrend. DOGE is expected to breach the $0.08 price zone which validates its continuous uptrend. There might be a looming correction to $0.07 but is short-lived and DOGE will be back at it again aiming to breach $0.08.
DOGE total market cap at $9.95 billion on the daily chart | Source: TradingView.com Featured image from Republic World, Chart from TradingView.com