DOGE Price Eyes $0.27, Target Not Seen in Three Years

Dogecoin Price Prediction: Amid the sea of red and high price volatility, the Dogecoin price remains green and optimistic. Hovering around $0.143 during European business hours on Thursday, DOGE price increased by 3.4% in the last 24 hours. Similar to the general market, the DOGE price jumped 13% in anticipation of the FOMC announcement but has since retraced.

Dogecoin Price Analysis: DOGE Bulls Aim for a 79% Breakout, $0.3 DOGE in Sight

DOGE price has been in a giant descending triangle for the past 4 months. Descending triangles are generally not bullish but have a 34% probability of breaking to the upside. Dogecoin price action is trending below the 50-day but above the 200-day simple moving averages (SMA). This indicates a tussle between the bears and the bulls. The Relative Strength Index (RSI) is currently at 46, acting as support.

The price of the dog-themed meme coin is approaching the end of the descending triangle and soon it may be decision time. There is strong support around the $0.12–$0.13 area that may hold up the price. This support level has been tested three times in the last four months, making it robust. 

A breakout to the upside may result in a 79% surge in price that pushes DOGE to $0.27. This will be the highest price DOGE has hit in three years. Conversely, if DOGE breaks out to the downside, key support levels exist around $0.12, $0.09, and $0.07.

Dogecoin Price Future Outlook

The king of meme coins sits at a $20 billion market cap, with trading volume up 7% in the last 24 hours. This signals increasing interest among investors. A month ago, Elon Musk added DOGE as one of the payment methods for Tesla, causing its price to surge.

The price of DOGE has also been influenced by a recent rumor that Musk plans to integrate the meme coin into the X platform. Musk posted an animation from DogeDesigner showing a merge between his former payments platform X and the X social media app.

Musk received a money-transmitting license in January and also plans to introduce the digital payment platform later this year. These events may directly, or indirectly heavily impact the price of DOGE.

Bottom Line

DOGE is the king of meme coins, and as this market matures, the crypto asset may lead the niche in rallying. Positive market and economic news, such as reducing interest rates and inflation, may play a big role in boosting Dogecoin price and the entire crypto market toward new highs.

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