Dogecoin Price Holds Key Support, Analyst Eye $0.162 Rally

Dogecoin (DOGE), a major meme cryptocurrency, has recently experienced a notable surge in value, sparking interest across trading platforms. Over the past week, DOGE’s price trajectory has consistently risen, defying market corrections and positioning it among the top gainers today. Analysts suggest that DOGE could target an additional price gain, eyeing $0.162, with traders showing increased interest as momentum builds.

Analyst Eyes $0.162 For Dogecoin Price

Crypto analyst recently shared an X post signaling a potential buying opportunity for Dogecoin on the 4-hour chart. He noted a buy signal using the TD Sequential indicator, indicating a possible trend reversal. 

Analysts suggested that if DOGE manages to hold above the crucial $0.141 support level, it could trigger a rebound, potentially pushing the price up to $0.162.

The TD Sequential indicator has flashed a buy signal on the #Dogecoin 4-hour chart! If $DOGE holds above the $0.141 support, we could see a rebound to $0.162. pic.twitter.com/sYD7O2QcHa

— Ali (@ali_charts) November 3, 2024

DOGE Price Soars 8%; Whats Next For Meme Coin?

Over the past day, the DOGE price has shown significant upward momentum, rising by 8.28% to $0.1565. The cryptocurrency started the day with a low of $0.1443 and climbed to a high of $0.1599, reflecting a substantial price increase over the 24 hours. Over the past month, the meme coin has surged by more than 44%, indicating a bullish trend.

A resurgence in bullish momentum could push the Dogecoin price prediction above the key $0.16 threshold, sparking further investor interest. If the coin breaks this resistance level, it may gain the strength to approach the $0.17 mark. With sustained buying pressure, Dogecoin might see an extended rally beyond $0.2, marking a potential upward trend.

The Moving Average Convergence Divergence (MACD) indicator shows a minor bullish inclination. The MACD line remains slightly above the signal line. The Chaikin Money Flow (CMF), set at 20 periods, shows a reading of 0.26. This positive value suggests capital inflow into DOGE, indicating that buyers are still active and supporting current prices.

Dogecoin Price Chart: TradingView

According to Coinglass, Dogecoin’s derivatives market has witnessed significant volume surging, signaling heightened trading interest in the asset. Open interest in Dogecoin derivatives also saw an uplift. This trend indicates a growing engagement in Dogecoin derivatives, highlighting a notable uptick in speculative or hedging activities around the cryptocurrency. 

Source- Coinglass

Dogecoin shows strong upward momentum, supported by key indicators and high trading interest. A breakout above $0.16 may propel DOGE to $0.17, with potential for further gains. Positive market sentiment suggests a possible rally beyond $0.2 soon.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.