Dogecoin to $1? Traders say a 140% DOGE rally could happen before February

January 18, 2025 Coin Telegraph

Dogecoin rally to $0.50 imminent after DOGE’s ‘overbought’ conditions cool down

December 11, 2024 Coin Telegraph

How high can the Dogecoin price go?

November 23, 2024 Coin Telegraph

Dogecoin to $5? It’s possible according to a ‘Gaussian channel’ model

November 20, 2024 Coin Telegraph

Dogecoin soared 23,000% in 2021 — Is history starting to repeat for DOGE price?

April 20, 2023 Coin Telegraph

Altcoin Analysis

Dogecoin's 2021 and 2023 price rallies have largely been sparked by Elon Musk but the latter still has much more room to run if history repeats.

The price of Dogecoin (DOGE) has almost doubled after bottoming out at $0.0491 in June 2022, alongside a similar recovery across the cryptocurrency market.

On April 20, DOGE is trading for as high as $0.0942, up around 94% versus the last year's bottom. But, despite its impressive rebound, its price is still 88% below its all-time high of $0.76 set in May 2021. Thus, the DOGE/USD pair remains far from establishing a decisive bullish reversal on longer timeframes.

*DOGE/USD three-day price chart. Source: TradingView*

Dogecoin's bullish reversal ahead?

Dogecoin price soared over 23,000% in 2021 primarily due to Elon Musk's vocal support. Ironically, DOGE/USD topped after Musk called it a "hustle" during his Saturday Night Live appearance in May 2021.

DOGE price entered a prolonged long bearish cycle, furthered by the prospects of the Fed tightening (leading to actual interest rate cuts in 2022 and 2023). Also, the collapse of multiple leading crypto firms, such as Terra (LUNA), Three Arrow Capital, FTX, etc., exacerbated the DOGE selloff.

October 2022 saw a 100% price rebound despite the multi-month downtrend. The recovery coincided with Musk's shaky takeover of Twitter amid hopes that DOGE would become the social media platform's official payment token.

As of April 2023, Musk has not added a DOGE payment option on Twitter. Though, he briefly replaced the platform's iconic bluebird logo with Dogecoin's official mascot, the Shiba Inu meme, earlier in the month. DOGE rallied by up to 40% on the news.

From a fundamental perspective, speculation can help Dogecoin sustain its year-to-date gains. But the all-time high price is still 700% away, which is likely to happen only it receives wider adoption, such as for Twitter payments.

DOGE price technicals

In fractal analysis terms, Dogecoin's bullish reversal prospects depend on holding above its two key weekly exponential moving averages (EMA).

Notably, DOGE price has attempted to close above its 50-week (the red wave) near $0.0917 and 200-week EMA (the blue wave) near $0.0895. That is similar to its sideways action and breakout attempts in April-November 2020 that preceded a 30,000% price rally.

*DOGE/USD weekly price chart. Source: TradingView*

DOGE may not undergo a similar 30,000% price rally in 2023 due to conflicting fundamentals. But in the event of the Fed's interest rate pivot or addition of Dogecoin payments to Twitter, the meme-coin could eye a run-up toward its record high of $0.76 in 2023.

Conversely, a reversal from the aforementioned EMAs risks triggering a classic continuation setup called the ascending triangle.

The pattern appears on a chart when the price fluctuates between rising trendline support and horizontal trendline resistance. It typically resolves after the price breaks out in the direction of its previous trend.

As a result of its previous downtrend, DOGE's ascending triangle appears to favor the bears, eyeing downside targets at lengths equal to the pattern's maximum height from the potential breakout point.

That puts DOGE's yearend price target inside the $0.0363-0.0469 range, down 45-60% from the current price levels, respectively.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Will Shiba Inu tail Dogecoin’s price rally?

April 4, 2023 Coin Telegraph

Coin Telegraph

Shiba Inu price risks dropping 20% in April as it forms a classic bearish continuation pattern, based on technical analysis.

The price of Shiba Inu (SHIB) increased over 10% in a day amid broader upside moves across meme cryptocurrencies in the past 24 hours. But will SHIB price rally further

SHIB price tails Dogecoin's gains

On April 4, SHIB's price reached $0.00001159 a day after rebounding from its local low of $0.00001049 — a 10.5% increase. Still, the meme-token underperformed most of its rivals, including Dogecoin (DOGE), which jumped over 30% in the same period.

On a year-to-date timeframe, SHIB and DOGE's gains are nearly identical around 38%.

*SHIB/USD versus DOGE/USDT and FLOKI/USDT year-to-date performance. Source: TradingView*

SHIB price started rallying after Twitter, owned by self-proclaimed Dogecoin supporter Elon Musk, replaced its iconic blue bird logo with Dogecoin's Shiba Inu symbol. SHIB/U has rallied similarly in the past due to Musk's Dogecoin mentions on Twitter.

Interestingly, in October 2021, Musk clarified that he does not hold Shiba Inu.

Extended Shiba Inu price rally unlikely

From a technical standpoint, SHIB has been consolidating higher inside what appears to be a bear flag pattern, which may limit its ability to mirror a Dogecoin-like 30% price rally.

A bear flag is a bearish continuation pattern that form when the price trends higher briefly inside an ascending parallel channel after undergoing sharp declines. It resolves after the price breaks below the lower trendline with strong volumes and falls by as much as the previous downtrend's height (flagpole).

As of April 4, SHIB tests the flag's upper trendline (near $0.00001160) for a potential pullback toward the lower trendline (near $0.00001050) in April.

*SHIB/USDT daily price chart. Source: TradingView*

A further close below the lower trendline may trigger the bear flag breakdown scenario, with its downside target near $0.00000883 in April, down over 20% from current price levels.

Conversely, a breakout above the flag's upper trendline risks invalidating the bearish setup. In doing so, SHIB's upside target appears to be at its long-term descending trendline resistance — at around $0.00001400 in April, up 25% from current prices.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Shiba Inu price rebounds 100% after record lows against Dogecoin — More upside ahead?

February 5, 2023 Coin Telegraph

Coin Telegraph

SHIB price technicals hint at another possible 40% rally for Shiba Inu versus Dogecoin as Shibarium comes into focus.

Shiba Inu (SHIB) price was at the lowest versus its top rival Dogecoin (DOGE) in November 2022. Three months later, the dynamics have flipped.

SHIB price rises 100% versus DOGE

On Feb. 4, 2023, the SHIB/DOGE pair reached 0.00001638 DOGE, up almost 100% three months after bottoming out at 0.00000993 DOGE, its lowest level on record.

*SHIB/DOGE daily price chart. Source: TradingView*

The sharp recovery came as investors' focus shifted to the impending launch of Shibarium, a Shiba Inu-backed layer-2 blockchain built on the Ethereum mainnet, announced on Jan. 16.

As Cointelegraph reported, the SHIB price rebound gained momentum amid reports that Shibarium will go live on Feb. 14.

In comparison, Dogecoin's fundamentals looked pale, with Elon Musk suspending a DOGE tipping bot for violating Twitter's rules.

Hey @elonmusk

Our Tipping bot @MyDogeTip got suspended for no reason. It was a good bot used to spread Dogecoin across the community. pic.twitter.com/4PTa1siOA7
— DogeDesigner (@cb_doge) February 1, 2023

Nonetheless, both memecoins have had a great start to 2023. SHIB/USD is up almost 85% while DOGE/USD is up 36% year-to-date.

What's next for SHIB/DOGE?

The SHIB/DOGE recovery trend is set to continue in the coming weeks, according to several technical indicators.

Namely, the pair could climb to 0.00002181 by March 2023 based on historic cycles, up around 40% from current price levels, as shown in the chart below.

DOGE, SHIB price downside in February?

But while SHIB appears to be in a better position to outperform DOGE, both memecoins face headwinds against the dollar in February.

For instance, Dogecoin risks a small correction versus the dollar in coming days as it paints a potential rising wedge pattern.

Rising wedges are bearish reversal patterns showing the price rising inside two converging, ascending trendlines. They resolve after the price breaks below the lower trendline and falls by as much as the wedge's maximum height.

Applying the scenario on the daily DOGE price chart brings its downside target to $0.0850, down 10% from current price levels

*DOGE/USD daily price chart featuring rising wedge setup. Source: TradingView*

Meanwhile, SHIB/USD also looks overstretched on its daily chart, based on its relative strength index of 81 — higher than 70 is considered "overbought."

In addition, it's now facing a strong resistance zone at around $0.00001517 where a pullback is likely. If this is the case, February could see SHIB price drop to $0.00001300-$0.000013000 — its most voluminous area in recent months, down 13%-20% from current price levels.

*SHIB/USD daily price chart. Source: TradingView*

Conversely, a break above the $0.00001517-resistance would position SHIB for a run to $0.00001651, the upside target of its prevailing bull pennant setup.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Shiba Inu price drops to record low vs Dogecoin — Will history repeat with a 150% rally?

November 3, 2022 Coin Telegraph

Altcoin

SHIB price is still in the danger zone against the U.S. dollar, despite not being as "overbought" as DOGE.

Shiba Inu (SHIB) price can rise by nearly 150% versus its top meme-coin rival, Dogecoin (DOGE), in the coming months, based on a technical fractal.

SHIB hits record low against DOGE

The bullish setup appears as the SHIB/DOGE pair rebounded slightly after dropping to 0.0000841 — its lowest level ever — on Nov. 1. The price level coincided with a descending trendline that has served as strong support for the pair since November 2021.

For instance, Shiba Inu’s previous drop to the said trendline occurred in May 2022, which preceded a 100% recovery rally in the next three months. Similarly, in January 2022, the SHIB/DOGE pair rebounded by more than 50% in less than a month.

Interestingly, all the SHIB/DOGE’s rebound moves reached the 0.0002186-0.0002536 range as their primary upside targets. This area coincides with the pair’s 0.786-1 Fib line range, derived from the Fibonacci retracement graph drawn from the 0.0002536 swing high to the 0.0000899 swing low, as shown in the chart below.

Therefore, SHIB could once again see a sharp bullish reversal versus DOGE if history repeats, with the upside target in the 0.0002186-0.0002536 range. In other words, at least a 150% price rally by Q1 2023.

In addition, the pair’s daily relative strength index (RSI) signals extreme oversold conditions after dropping to its lowest levels in history, suggesting that a rebound is likely in the near future.

SHIB price risks more losses in USD pair

More cues about an imminent SHIB/DOGE pair rally come from these meme-coins’ individual performances versus the U.S. dollar.

Notably, Dogecoin price rallied by more than 100% versus the dollar in October as traders assessed the its potential to become an integral part of Twitter after Elon Musk’s takeover of the social media giant.

This pushed DOGE’s daily RSI over 95 in late October, the most overbought since April 2021. The coin remains technically overbought as of Nov. 3, hinting at a potential price correction in the coming days.

In other words, Dogecoin could drop toward $0.055, or 60% from current price levels, by the end of 2022, as previously reported.

On the other hand, Shiba Inu closed October with a 10.5% profit, and as of Nov. 3, its RSI is in the neutral 30-70 zone, suggesting lower sell-side pressure compared to DOGE.

Nevertheless, the SHIB/USDT pair still risks a 10%-15% short-term price correction to $0.00001088 based on its recent fluctuations inside an ascending triangle range, as shown below.

*SHIB/USDT three-day price chart. Source: TradingView*

Meanwhile, a break below $0.00001088 risks triggering an ascending triangle breakdown. Such breakdowns during a downtrend typically send the price lower by as much as the pattern's maximum height.

$SHIB pic.twitter.com/BL1tIdlTCm
— il Capo Of Crypto (@CryptoCapo_) November 1, 2022

Therefore, Shiba Inu's price is in danger of crashing to $0.00000682 should a decisive breakdown occur, a 45% correction by Q1.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Dogecoin has crashed 75% against Bitcoin since Elon Musk’s SNL appearance

September 18, 2022 Coin Telegraph

Altcoin

DOGE price has more room to decline despite Elon Musk's visible efforts to revive its upside boom.

Dogecoin (DOGE) may be back in the top-ten cryptocurrency by market capitalization, but its loses in both USD and Bitcoin (BTC) terms since Elon Musk's SNL appearance are considerable.

Dogecoin loses Musk-effect

The DOGE/BTC trading pair has fallen 75% after peaking out at 1,287 satoshis on May 9, 2021, a day after Musk was a guest host on Saturday Night Live, including a sketch titled “The Dogefather.”

*DOGE/BTC daily price chart. Source: TradingView*

Before his appearance, the billionaire entrepreneur was relentlessly tweeting Dogecoin memes, images, which helped DOGE — a cryptocurrency that started out as a joke — to attain a market capitalization north of $90 billion in May 2021.

That's more than 36,000% gains in just two years. But things have gone downhill ever since.

Investors reflected hopes that even an optimistic wink from Musk on SNL toward DOGE would prompt his 106 million followers to buy the meme-token. But Musk did an unforeseeable thing: he called Dogecoin a "hustle."

One day later, DOGE's price began its decline from its all-time high. It continues its downtrend to this day, changing hands for about 300 satoshis versus its peak value of 1,287 satoshis.

Simultaneously, the price of Dogecoin has crashed by more than 90% against the U.S. dollar after peaking out at $0.76 in May 2021.

Elon Musk's efforts to keep Dogecoin relevant

Musk has made multiple efforts to revive people's interest in Dogecoin ever since.

In May 2021, he revealed he had been working with Dogecoin developers to improve its blockchain's transaction efficiency since 2019. Additionally, Musk's Tesla and SpaceX also started accepting DOGE payments for their merchandise, prompting a sharp but short-lived price rally.

Moreover, Musk stated during a market crash in March 2022 that he would not sell his crypto holdings, including DOGE and Bitcoin. Nonetheless, Tesla sold 75% of its Bitcoin holdings three months after Musk's declaration.

As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.

I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.
— Elon Musk (@elonmusk) March 14, 2022

The prospect of adding a DOGE payment option to Twitter also collapsed after Musk backed away from buying the social media giant.

In September 2022, Tesla launched Cyberwhistle, a limited-edition collectible inspired by its Cybertruck vehicle, which users can purchase only via Dogecoin.

Will Dogecoin rebound, then?

Traders have started ignoring Musk's celebrated association with Dogecoin, given their half-hearted reactions to his DOGE-related updates lately.

Instead, it appears that traders have been more focused on macro catalysts lately, primarily the Federal Reserve's back-to-back interest rate hikes that have put downward pressure on cryptocurrencies, stocks, and similar risk-on assets in 2022 and beyond.

The technical setups also suggest the same. For instance, on the weekly chart, DOGE/BTC now tests 307 satoshis as its interim support, given the level's history as a strong price floor since November 2021.

*DOGE/BTC weekly price chart. Source: TradingView*

A decisive break below 307 satoshis would have DOGE/BTC test its 200-week exponential moving average (200-week EMA; the blue wave) near 244 satoshis as its downside target in 2022 — a 20% decline.

A 40% decline against the dollar

DOGE price has been trending inside a broad descending channel against the U.S. dolla since it topped in May 2021, now eyeing its lower trendline as the next downside target.

The target appears to be in the range defined by $0.048 and $0.036, given these levels' history as support. Therefore, DOGE could drop by roughly 40% against the dollar in Q4 2022.

Dogecoin misses bullish target after Elon Musk snubs Twitter — what’s next for DOGE price?

July 13, 2022 Coin Telegraph

Altcoin

The Tesla and SpaceX CEO had flirted with the idea of adding DOGE payments to Twitter.

Dogecoin (DOGE) has missed a much-anticipated technical upside target and is down nearly 10% over the past week amid an ongoing spat between Elon Musk and Twitter.

Musk hurts DOGE price

To recap: Musk, whose companies Tesla, SpaceX, and Vegas Loop accept DOGE payments, had suggested introducing the same checkout option on Twitter this April.

Bitcoin spoofs a breakout while Dogecoin jumps on Elon Musk's Twitter takeover news. https://t.co/dlMH5u5jaf
— Cointelegraph (@Cointelegraph) April 25, 2022

Nonetheless, the Musk-Twitter deal has turned sour after the billionaire attempted to walk away from his $44 billion takeover bid. In response, the platform has sued Musk, alleging that his heart changed after suffering personal losses in the ongoing global market carnage.

Some Dogecoin traders had eyed Musk's Twitter takeover to stay bullish on DOGE/USD, considering the deal would boost the token's adoption across the platform's 330 million monthly active users.

#Dogecoin | The number of large transactions on the $DOGE network with a value greater than $100,000 just reached a four-month high at 2,400 transactions.

Such market behavior can act as a proxy for whales' activity, suggesting how they may be positioning for a big price move. pic.twitter.com/K49QfXFVYb
— Ali Martinez (@ali_charts) April 26, 2022

Dogecoin misses IH&S target

Dogecoin dropped by 19.5% after Musk called off the Twitter deal on July 8. In doing so, DOGE also invalidated its prevailing "inverse head and shoulders (IH&S)" pattern that could have pushed its price per token toward $0.112, as shown below.

*DOGE/USD daily price chart featuring IH&S pattern. Source: TradingView*

Bias conflict ahead

Dogecoin now holds above a multi-month "mid-channel support" near $0.06 while remaining indecisive for now, as shown in the chart below.

DOGE's price eyes $0.09 as the next target if it rallies decisively from the mid-channel support. The upside target coincides with the descending trendline (distribution level) that has been serving as resistance since May 2021.

Conversely, a break below the mid-channel support could have DOGE's price test $0.04 as its downside target, down 32% from today's price. This level coincides with another descending trendline (accumulation level) that has acted as support for Dogecoin's pric since April 2021.

DOGE USD