Dogecoin Price Prediction: DOGE’s Next Target $0.20, How to Get This Statistical

• Dogecoin price is receiving a higher price rejection at the 100 DMA on the weekly chart.
• The bulls completed the retracement phase and tried to register another rise.
• DOGE’s market cap rose 6.52% to $17.31 billion in the last 24 hours.

On November 1, Elon Musk posted a picture that strongly associated Twitter with DOGEcoin. The sharp accumulation led the price to a 100-day high of $0.1589. Investors are ready to buy mem-coin at any price level for the long term, which is easily identifiable by trading volume.

? pic.twitter.com/eaIYaDRBnu

— Elon Musk (@elonmusk) November 1, 2022

Last week, Dogecoin increased in price by almost 150% in a matter of days and was the top gainer of the week. Despite facing a period of correction in prices, this rally is not over yet. Following this bullish rally, this price retracement was expected for another bullish rally.

As of press time, Dogecoin price is holding the $0.1309 mark with an intraday gain of 3.99%. The market cap rose again and was reported at $17.345 billion so far. The weekly candle is up 11.18%. Apart from USDT, the Dogecoin price relative to the bitcoin pair is up 2.54% at 0.000006111 satoshis.

Source: DOGE/USDT by tradingview

Despite the price retracement phase in meme-coin, the weekly price chart displays the bullish trend. Although bulls often get higher price rejection at 100 DMA on weekly charts. Dogecoin price prediction suggests $0.20 level as a next stop if buyers flip 100 DMA into instant support level.

Source: DOGE/USDT by tradingview

Trading volume shows buyers are still present in the market for new long positions. After the recent price drop Bulls have completed the retracement phase and tried to record another rise. Thus price stays far above the all significant moving averages on daily price scale.

However, RSI reversed from the overbought zone but it is still showing positivity in memecoin. At the time, its peak was at 74 mark (bullish).

Conclusion

The Dogecoin price prediction hints at a $0.20 level for bulls as a next stop. The market sentiment is positive and buyers also completed the price correction phase.

Support level – $0.10 and $0.050

Resistance level – $0.20 and $0.30

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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