Dogecoin is currently driving the market\u2019s current recovery, at least in part. The memecoin\u2019s price reached the $0.0945 on Monday, in the midst of the shockwave brought about by FTX\u2019s implosion.<\/p>\n
Despite the strain, DOGE still proved its resilience at it soared 25 percent<\/a> in the last week, data from Coingecko show, Monday.<\/p>\n Here\u2019s a quick rundown as DOGE fights back against the bear market:<\/p>\n There is a chance that by 2023, DOGE will be worth $1 DOGE is trading at $0.0955 on a red candle. Bulls are optimistic that 2023 will be the year DOGE reaches the magical $1 level, thanks to the announcement by ETH co-founder\u00a0Vitalik Buterin and Twitter and Tesla CEO Elon Musk that they are working on an update<\/a> for the memecoin.<\/p>\n Since DOGE has been performing better than Bitcoin\u00a0and Ethereum\u00a0in the market rebound, the coin\u2019s technicals are looking highly positive.<\/p>\n The bulls have the backing of the Bollinger band, and the expansion of the band\u2019s middle band provides dynamic support at $0.0848.<\/p>\n Increased volatility from a wider Bollinger band increases the probability of a price rally.<\/a><\/p>\n\n Chart: TradingView<\/p>\n The EMA ribbon supports the rally throughout all significant time scales. Currently, the price action indicates the overbought side of the RSI, which bulls must monitor.<\/p>\n However, bulls might position themselves at $0.0890, which is the current price movement\u2019s support.<\/p>\n The money flow indicator validates the recent price action, strengthening the positive feeling. Long-term bullish strength is demonstrated by the regression channel\u2019s output of 0.14.<\/p>\n If this uptrend persists, bulls should aim for $0.1076, the major level of resistance that, if breached, would finally support the bull run. Secondary objective would be $0.1186, resulting in a final objective of $0.1265<\/p>\n This would inevitably recover lost ground from the DOGE catastrophe earlier this month.<\/p>\n Current market activity will inevitably increase investor confidence in cryptocurrencies. Not to mention reports of DOGE being utilized in Twitter payments, which, if this momentum continues, will eventually bring the price near or above $1.<\/p>\n However, investors and traders must exercise caution as the market begins a phase of recovery, which makes investor sentiment extremely volatile.<\/p>\n\n DOGE total market cap at $12.5 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Dogecoin is currently driving the market\u2019s current recovery, at least in part. The memecoin\u2019s price reached the $0.0945 on Monday, in the midst of the shockwave brought about by FTX\u2019s implosion.<\/p>\n Despite the strain, DOGE still proved its resilience at it soared 25 percent<\/a> in the last week, data from Coingecko show, Monday.<\/p>\n Here\u2019s a quick rundown as DOGE fights back against the bear market:<\/p>\n There is a chance that by 2023, DOGE will be worth $1 DOGE is trading at $0.0955 on a red candle. Bulls are optimistic that 2023 will be the year DOGE reaches the magical $1 level, thanks to the announcement by ETH co-founder\u00a0Vitalik Buterin and Twitter and Tesla CEO Elon Musk that they are working on an update<\/a> for the memecoin.<\/p>\n Since DOGE has been performing better than Bitcoin\u00a0and Ethereum\u00a0in the market rebound, the coin\u2019s technicals are looking highly positive.<\/p>\n The bulls have the backing of the Bollinger band, and the expansion of the band\u2019s middle band provides dynamic support at $0.0848.<\/p>\n
\nThe technical indicators are quite optimistic, displaying many strong levels of support
\nIn order to break through to $0.1265, bulls should look to $0.1076 and $0.1186.<\/p>\nCan Dogecoin Sustain Its Positive Pace?<\/h2>\n
DOGE & The Challenging Path To $1<\/h2>\n
\nThe technical indicators are quite optimistic, displaying many strong levels of support
\nIn order to break through to $0.1265, bulls should look to $0.1076 and $0.1186.<\/p>\nCan Dogecoin Sustain Its Positive Pace?<\/h2>\n