DOGE Set for Massive Rally Despite Sideways Movement: Analyst — TradingView News

On January 26, Hov pointed out that DOGE was close to its bottom. Using the Elliott Wave Theory, the analyst posted a chart showing how Dogecoin would rise above $1. For context, the Elliott Wave Theory can predict long-term price movement based on repeating patterns or changes in investor sentiment.

Therefore, Hov’s $1 price prediction was not for the short term. Instead, the analyst focused on the long-term horizon. Beyond the technical viewpoint, the analyst also mentioned that DOGE’s potential inclusion in Elon Musk’s X Payments could drive a rally for the coin.

Dogecoin Price Analysis

From the 4-hour timeframe, Coin Edition observed that DOGE’s attempt at retesting $0.090 was rejected. At press time, Dogecoin was trading at $0.085. On the upside, DOGE faced resistance at $0.088.

In a highly bullish case, DOGE rising above $0.088 could swing the value close to $0.1. However, if the coin fails to break the level, the price might slide to $0.080, which was the next support level.

Increasing bearish momentum at $0.080 could erase more of DOGE’s gain. Should this be the case, the price might fall to $0.078. Furthermore, the DOGE/USD 4-hour pair showed that the Moving Average Convergence Divergence (MACD) had hit the zero mid-point.

A convergence of this nature suggests consolidation for the coin. Also, the 12-day EMA (blue) and 26-day EMA (orange) were almost at the same spot. Should the longer EMA flip the shorter one, DOGE’s price might decrease to $0.080.

However, a crossover of the 12 EMA over the 26 EMA would imply that buyers are in control. In this instance, the coin’s price could move northward and hit $0.090 for a start. If buying pressure is intense, then DOGE might surpass $0.1.