What will be next daily open price dor DOGEUSDT

Answered at Oct 18, 2024

Dogecoin (DOGE) has been a topic of interest in the cryptocurrency market, especially with its recent price movements. Let's delve into the potential next daily open price for DOGE/USDT based on the latest data and trends.

Current Market Overview

As of October 18, 2024, Dogecoin is trading at approximately $0.1341 with a 24-hour trading volume of $65.23 million. The market has seen a positive change, with Dogecoin's price increasing by 9.75% in the last 24 hours (Gate.io). This surge is part of a broader trend where Dogecoin has gained 33.11% against USDT over the last 30 days (CoinMarketCap).

Technical Indicators and Market Sentiment

Support and Resistance Levels

  • Support Levels: $0.1210, $0.1195, $0.1180
  • Resistance Levels: $0.1250, $0.1265, $0.1280
  • Pivot Point: $0.1225

The current market price is above the pivot point, indicating a bullish outlook. The Relative Strength Index (RSI) is at 60.95, suggesting bullish momentum, while the Average Directional Index (ADX) at 60.07 reflects strong trend conditions (FXLeaders).

Market Value to Realized Value (MVRV) Ratio

Santiment's analysis shows Dogecoin's 30-day MVRV ratio at -16.7%, indicating a very bullish sentiment. This suggests that Dogecoin is undervalued, increasing the likelihood of a short-term price bounce (TradingView).

Historical Price Movements

Dogecoin has experienced significant price fluctuations in the past. Notably, it surged by 9,884% between January and May 2021, reaching an all-time high of $0.74 (CoinDesk). Such historical data highlights Dogecoin's potential for rapid price changes, driven by market sentiment and external influences like celebrity endorsements.

Forecast and Predictions

Short-Term Predictions

  • October 2024: Dogecoin is expected to trade between $0.112273 and $0.132237, with an average monthly value of $0.119159. This represents an 18.03% increase compared to the previous month (CoinCodex).

Long-Term Predictions

  • 2025: Dogecoin is forecasted to trade between $0.158352 and $0.554234, with an average price of $0.249551. The most bullish month could be January, with a potential 313.87% increase from current prices (CoinCodex).

Conclusion

Given the current bullish indicators and historical price trends, the next daily open price for DOGE/USDT is likely to be influenced by the ongoing positive market sentiment. With strong support and resistance levels, coupled with a bullish MVRV ratio, Dogecoin may continue its upward trajectory in the short term. However, investors should remain cautious of the inherent volatility in the cryptocurrency market and consider expert analyses and forecasts when making trading decisions.