Following a bearish August that impacted the overall crypto market, Dogecoin has begun to stabilize and show signs of rapid recovery, potentially 2x its price amid efforts to find solid support.
The meme coin market is rebounding, with popular coins like Dogecoin (DOGE) rising over 5% in the past day. Meanwhile, Shiba Shootout (SHIBASHOOT), a new entrant, has hit the $1 million mark in its presale.
This article examines DOGE’s market performance with technical analysis and highlights its potential for a bullish breakout, along with an update on the Shiba Shootout presale and project developments.
Dogecoin currently shows notable price action, with its price hovering around $0.09 per coin. Investors closely monitor technical analysis and potential breakout scenarios that could influence its price trajectory in the coming weeks and months.
Dogecoin’s market cap sits at approximately $14.3 billion, reinforcing its position as the leading meme coin. However, recent price action reflects sideways movement, indicating a period of consolidation.
A falling parallel channel appears on the daily chart, a key technical pattern often signaling a potential breakout. Dogecoin’s price action also resembles a bull flag, which typically indicates an upward breakout. The breakout zone centers around the $0.11 mark, presenting a significant area for traders to capitalize.
The Fibonacci retracement level of 0.236, calculated from Dogecoin’s all-time high, aligns with the $0.11 range. Historically, this level reacts strongly, and surpassing it could push the price higher with solid support.
If the breakout occurs, a measured move suggests a potential 49% increase, bringing Dogecoin’s price to around $0.16. However, caution is necessary, as these patterns fully play out only one in 3x. A more conservative approach could involve setting an initial target at 8% gains, where significant support has previously emerged.
To optimize potential returns, traders could stagger take profits, beginning with modest gains of 4-8%. Early profit-taking reduces risk while allowing the remaining position to run risk-free. Stop losses should adjust to the entry point, preventing further downside exposure.
For spot trading, the current price between $0.086 and $0.074 presents an optimal buying zone. This zone aligns with the four-hour, daily, and 12-hour volume-weighted average true range bands, which have historically shown strong price reactions. These levels also provide a favorable environment for a dollar-cost-averaging (DCA) strategy.
Short-term forecasts for Dogecoin (DOGE) aren’t very promising, but Changelly offers a more optimistic long-term outlook. It’s important to recognize that these predictions might not always be reliable.
Changelly expects Dogecoin’s price to remain stable in 2024 but predicts it could double by 2025, although this would still fall short of its historical highs. The forecast improves after the Bitcoin halving in 2028, with Changelly anticipating DOGE could hit new all-time highs above $0.80 in 2029, surpassing its $0.70 peak in 2021.
Although many have hoped for Dogecoin to reach $1, this prediction seems ambitious right now. Changelly’s forecast raises concerns due to Dogecoin’s volatility, as its price has historically experienced significant fluctuations with large rises and sharp drops.
The prediction of a steady upward trend clashes with this historical pattern. Other forecasts suggest that Dogecoin might revisit its 2021 highs or even reach $1, but these are often speculative and driven more by investor sentiment than by solid fundamentals.
The Shiba-themed meme coin and Play-to-Earn game Shiba Shootout has raised over $1 million in its $SHIBASHOOT presale. This success suggests that $SHIBASHOOT could become a major token in 2024. It’s currently available at a discounted price of $0.0201 during the presale.
The Shiba Shootout team plans to list $SHIBASHOOT on Uniswap at launch, with centralized exchange listings to follow. With its unique theme and multiple perks, Shiba Shootout has the potential to become a top crypto to buy.
Shiba Shootout blends the popular Shiba Inu meme with a Wild West theme, creating an engaging and rewarding experience for gamers, traders, and investors. The $SHIBASHOOT token offers several benefits, including staking rewards, game upgrades, and more.
🤠 Join Shiba Shootout and ride into the crypto Wild West!
Outwit rivals, duel for glory, and earn epic rewards! 🪙🔥 pic.twitter.com/WMDAvxfTPX
— shibashootout (@shibashootout) September 4, 2024
In a unique move, Shiba Shootout released its Play-to-Earn game, Shiba Sharpshooters, before the official launch of the $SHIBASHOOT token. The game is available for download on mobile devices through the Apple App Store and Google Play, allowing users to start earning $SHIBASHOOT tokens right away.
The Shiba Shootout staking program, Cactus Staking, offers impressive rewards with a rate over 800%. The project has set aside 20% of its token supply specifically for staking rewards.
Other features include refer-to-earn Posse Rewards, which offer a 5% reward for presale referrals, along with Lucky Lasso Lottery, Campfire Story Sessions, Governance Roundup, and Saving Saddlebags.
With these financial incentives, experts believe Shiba Shootout could be the next 100x crypto, especially since meme coins with lower value have experienced significant growth during bull markets.
To take part in the $SHIBASHOOT token presale, visit shibashootout.com.
The post Dogecoin (DOGE) Price Analysis and Prediction September 2024 appeared first on ReadWrite.
