The price of Dogecoin (DOGE) today is trading at the $0.00234 position after dropping from an intraday high at $0.00240 earlier in the crypto news. At the time of penning down this analysis, DOGE is stable but with a falling momentum. The recent price performance of DOGE is why many people are asking “is Dogecoin safe” and wondering if they should expect positive price runs in the future.
On an 8-hourly chart, the DOGE cryptocurrency is drawing a subtle uptrend and has breached the 7-week long resistance as its price rose above $0.0022. However, he 20-day Bollinger Bands laid are seen widening now which means that there is some unprecedented volatility in the upcoming days.
Moreover, charts show that Dogecoin has extended its uptrend against the US dollar after hitting below $0.00120 where it tested the yearly lows after experiencing a bull run in February 2020. This is what made people ask “is Dogecoin heading upwards to a new all-time high” as this happened.
All in all, DOGE has seen a steep growth on the cumulative chart over the past week. This helped it retain gradual support from the 200-day MA. The 20-day Bollinger Bands are projecting a wave of volatility but we believe that a steep rise can be possible for DOGe as the trend is a break above the upper BB.
On the intraday chart as pictured above, we already see a hint of volatility. The Dogecoin price has slid below $0.00230 twice as it could not hold a persistent trade above $0.0024. So, is Dogecoin heading to $0.003 soon – and are the upcoming Dogecoin news going to be positive?
As the details now show, this is not a reality we can hope for. However, positive price swings are something that DOGE knows how to deliver – the only difference is that they could be minimal this time and without much potential for big gains.
DOGE opened today with a bearish candlestick trend, and the price of the coin corrected beow $0.0023 for the second time in the past 24 hours. The losses were undoubtedly combated as the coin spiked above $0.00230 again.
The technical indicators show some strength for DOGE now. But if you are asking or googling “is Dogecoin going to $0.003 soon,” the answer is that this might not happen in the near term.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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