Dogecoin (DOGE) Price Prediction 2023: Is DOGE About to Skyrocket? Chart Patterns Hint at Major Price Surge!

Mikkybull Crypto, a prominent analyst on X (formerly Twitter), revealed to his followers that Dogecoin (DOGE) has been the subject of speculation as it hints at a possible “god candle,” signaling an impending price surge.

Dogecoin (DOGE) has been buzzing on social media after prominent X (formerly Twitter) analyst Mikkybull Crypto hinted at a possible “god candle,” suggesting an impending price surge for the meme coin.

Chart patterns and technical indicators suggest that DOGE could be gearing up for a major price movement. As the market awaits a potential breakout, here's a closer look at the technical analysis.

Dogecoin price soared to an all-time high of around $0.70 in January 2021, largely driven by media hype and social media buzz. However, after hitting this high, Dogecoin's price quickly dropped.

From there, Dogecoin's price moved sideways for a long time, showing no significant price rallies. The market has mainly seen movement between support and resistance levels without any major upward price momentum.

Currently, Dogecoin is in a correction, slowly falling since mid-2023. The weekly candlesticks show lower highs, indicating the continuation of the bearish trend.

Despite the bearish trend, DOGE price has found strong support at the $0.055 – $0.06 price level, a critical support zone that has been tested multiple times since 2021.

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Crucial Resistance and Support Levels

The descending trendline on the DOGE chart highlights the ongoing bearish pressure. This trendline connects the lower highs and is showing immediate resistance around the $0.08 – $0.09 price range.

A breakout above this trendline could confirm a bullish breakout, which the analyst is suggesting as the potential “god candle.”

On the support side, Dogecoin price is holding close to the $0.055 – $0.06 price level, which has acted as a crucial support floor over the past two years.

If DOGE price manages to hold this support and break the descending trendline, the price could rally significantly.

Read Also: Litecoin Primed for Rally: Analyst Eyes LTC Price Surge to $100

MACD Shows Bearish Momentum

The Moving Average Convergence Divergence (MACD) on the weekly DOGE chart is indicating a bearish trend at the moment.

The MACD line, which usually indicates the continuation of the price momentum, has crossed below the signal line. The histogram is showing increasing bearish strength, which confirms the bearish pressure.

However, any strong buying volume could trigger a trend reversal. A breakout above the $0.09 resistance level could see a strong price rally, continuing the bullish momentum that was noted in 2021.

As Dogecoin price approaches the crucial resistance level, the market will be closely watching for any signs of increased buying pressure.

If DOGE manages to break the trendline, it could indicate the beginning of a new uptrend, which may lead to large gains for investors.

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