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Dogecoin Stays Bullish, Upside Forecasts

Steve Miley trader
Updated 24 Jan 2023

The Dogecoin meme coin has been rallying steadily since the start of the year, and the push higher again over the past weekend eclipsed the recent peak from mid-January. This has reinforced both short- and intermediate-term bull forces and sets risk for still higher prices through month-end and further into the first quarter.

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YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Dogecoin Basing Reinforced

In mid-January, we highlighted the positive outlook for Dogecoin (DOGE) ahead of the release of key US CPI data.

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YOUR CAPITAL IS AT RISK. 68% OF RETAIL CFD ACCOUNTS LOSE MONEY

Source: IG.com

A more robust push above the 0.0801 level post-CPI release reinforced a near-term bottoming pattern. The surge higher last Friday and extension to push this past weekend above the mid-month high at 0.0926 to 0.0934 has indicated potential for a more secure, intermediate-term recovery into February and for Q1.

DOGE Upside Risks

We now see risks up through the recent recovery high at 0.0934 for an extension up to challenge 0.0956 and even towards 0.1118 into February. Beyond here would even see the Q1 threat still higher towards 0.1321 and potentially as the November spike high at 0.1587.

Dogecoin Downside Threats

A break below 0.0843 impulse support would question the short-term upside potential. But only below swing support at 0.0798 would see a more negative shift to target 0.0712 and maybe back to the late 2022 swing low at 0.6060. Surrender here would then renew bigger bear forces to challenge Q4 2022 lows at 0.0055/0551.


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Steve has 29 years of financial market experience including 3 years at Credit Suisse and 15 years at Merril Lynch. Steve is the Academic Dean for The London School of Wealth Management and has won many awards from Technical Analyst Magazine.