- Dogecoin price is currently contemplating reclaiming the $0.213 supply barrier.
- Elon Musk seems to have lost his sway over Dogecoin price as his tweets no longer affect the markets.
- A minor retracement to $0.192 seems likely if DOGE fails to slice through the said resistance level.
Dogecoin price hovers below a crucial ceiling, a breach of which will allow the meme coin to propel itself higher. However, after a steady rally since July 20, a retracement seems likely. Therefore, investors can expect the leg-up that follows this correction to take a jab at the said supply barrier.
Elon Musk and his diminishing control over cryptocurrency markets
Elon Musk and his tweets on Dogecoin sent the cryptocurrency flying during the peak hype cycle of the recent bull run. At one point in time, Musk’s tweets also moved Bitcoin price. Of late, his tweets have had diminishing control and barely move the markets. This shift in trend seems to be becoming more apparent since July.
DOGE/USDT 12-hour chart
Of the five Dogecoin-related tweets Musk has tweeted over the past month, only one provided a relatively positive return.
BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.
There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.
— Elon Musk (@elonmusk) July 9, 2021
Dogecoin price saw a 6.2% return on a 12-hour candlestick the day Musk tweeted about BTC, ETH and DOGE.
Perhaps the most crucial reason for Musk’s reduced control over the markets is the lack of hype or frenzy. As Bitcoin price continued to crash from May 19, most of the retail market participants took a hiatus, which can be seen even today.
Musk’s latest tweet on Dogecoin was posted roughly 21 hours ago and did not seem to correlate with the asset’s market value.
And finally pic.twitter.com/TcgwMSyjAy
— Elon Musk (@elonmusk) July 25, 2021
However, the bullish nature of the cryptocurrency market right now might be playing a role in pushing the meme coin toward a critical resistance level.
Dogecoin price approaches inflection point
After rallying roughly 34% over the past six days, Dogecoin price is currently taking a jab at the $0.213 supply barrier. A breach of this level could be key in pushing DOGE higher.
Only a decisive 12-hour candlestick close above $0.213 will confirm a breach of the said ceiling. However, a failure to do so will lead to a retracement that will allow the buyers to recuperate and prepare for the next leg up.
The pullback is likely to find support on the July 19 swing high at $0.192, roughly a 10% downswing from the current price – $0.209.
Here, the bulls have a chance to take Dogecoin price on another rally that could solidify its breach of $0.213. Such a move will confirm the resurgence of buyers and open up the path for another 36% uptrend to $0.293.
DOGE/USDT 12-hour chart
On the other hand, if the rejection at $0.213 leads to a move beyond $0.192, it will indicate weakening buying pressure. In this case, Dogecoin price might likely extend the pullback another 11% to the July 17 swing low at $0.169.
While this provides the bulls a second chance at an upswing, a breakdown of $0.162 will invalidate the bullish outlook and, in some cases, lead to a 25% sell-off to the demand zone that extends from $0.119 to $0.145.
Dogecoin Price Prediction: DOGE poised for 64% breakout if this key level breaks
- Dogecoin price looks ready for a 64% climb as it moves higher toward the upper boundary of the symmetrical triangle pattern.
- A break above $0.269 could put the bullish target of $0.435 on the radar.
- DOGE may discover a strong foothold at $0.242 if selling pressure spikes.
Dogecoin price is preparing for a 64% rally, but the dog-themed token has one last hurdle to overcome before the bullish target is in the offing. DOGE must climb above the descending resistance trend line that has acted as a headwind for the token since June 3.
Dogecoin price to clear one last barrier
Dogecoin price has formed a symmetrical triangle pattern on the daily chart as the bulls catch their breath. While DOGE consolidates, the token is supported by a few significant technical indicators, suggesting that the token is poised to aim higher.
The prevailing chart pattern suggests a 64% climb for Dogecoin price if the token manages to slice above the upper boundary of the technical pattern at $0.269. Before the bulls can anticipate a bull run toward the optimistic target, DOGE would also need to conquer the nearest resistance at 50% Fibonacci retracement level at $0.255.
If a spike in buying pressure occurs, and Dogecoin breaks above $0.27, DOGE would be met with another obstacle at the 61.8% Fibonacci retracement level, coinciding with the 200-day Simple Moving Average (SMA) at $0.277.
Additional hurdles may emerge at the 78.6% Fibonacci retracement level at $0.310, then at the August 16 high at $0.351 before eventually reaching the aforementioned bullish target at $0.435.
DOGE/USDT daily chart
Given that Dogecoin price is still trapped in a consolidation pattern, DOGE could still oscillate within the governing technical pattern until a decisive move toward the upside, accompanied by a surge in buy orders. Until then, the dog-themed token may be exposed to minor sell-offs, in which case the nearest foothold at the 100-day SMA at $0.242 will act as substantial support.
Adding credence to the strength of this support level is IntotheBlock’s In/Out of Money Around Price (IOMAP), indicating that 80,240 addresses purchased 14.73 billion DOGE at an average price of $0.242.
Additional lines of defense will appear at the 20-day and 50-day SMAs, which sit at $0.238 before dropping lower toward the 38.2% Fibonacci retracement level at $0.233. Only a rise in selling pressure would see Dogecoin price tag the lower boundary of the triangle at $0.213.
Dogecoin Forecast and DOGE/USD Analysis October 22, 2021
DOGE/USD are traded at 0.2460 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices are testing the area between the signal lines again, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2345 area. Where can we expect a rebound again and a continuation of the rise in the Dogecoin rate with a potential target above the level of 0.3205.
Dogecoin Forecast and DOGE/USD Analysis October 22, 2021
In favor of the growth of DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 0.2105 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1745. With the breakdown of the resistance area and closing of quotations above the level of 0.2845, we should expect confirmation of the development of a bullish trend in Dogecoin, which will indicate a breakdown of the upper border of the ”Triangle” model.
Dogecoin Forecast and DOGE/USD Analysis October 22, 2021 therefore imply an attempt to correct and test the support area near the 0.2345 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3205. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2105 area. This will indicate a continued decline in cryptocurrency with a target below 0.1745.
Dogecoin Adoption in the US Supercedes Bitcoin and Ethereum, According to New Crypto Survey
The adoption rate of Dogecoin (DOGE) in the US is nearly double that of the rest of the world, according to a new survey from the Australian publication Finder.
The survey polled 41,645 individuals in 22 countries and found that nearly a third of all cryptocurrency holders in the US own Dogecoin.
“Of those that own crypto, Dogecoin sees its highest adoption in the United States with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%.”
The Finder survey says that Cardano (ADA) enjoys the highest popularity in Australia, where more than a quarter of the country’s adult crypto holders own ADA.
“Cardano sees its peak in adoption in Australia, where 26.3% of the online population who own crypto say they have Cardano, which is 1.4 times the global average adoption rate of 18.5%.”
Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) enjoy the highest adoption rates in Asia.
More than three-quarters of Japanese crypto holders own BTC, while over half of Singaporean crypto holders possess ETH. Slightly more than a quarter of Indonesian crypto holders have BNB.
“Bitcoin has the highest adoption in Japan with 76.7% of adults who own crypto saying they own Bitcoin. This is 1.3 times the global average adoption rate of 58.9%.
Ethereum sees its highest adoption with crypto owners in Singapore with 52.4% of adults who own crypto saying they own Ethereum. This is 1.9 times the global average adoption rate of 27.4%.
Binance Coin sees its highest adoption among those who own crypto in Indonesia, with 26.9% of respondents who own crypto saying they own Binance Coin. This is 1.8 times the global average adoption rate of 15%.”