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Dogecoin Price Prediction: DOGE delays its 45% advance

  • Dogecoin price shows a lack of buyers despite bouncing from a critical demand zone.
  • A retest of the immediate support level at $0.328 might propel DOGE up by 45% to $0.481.
  • A breakdown of $0.224 will invalidate the bullish thesis.

Dogecoin price is grappling with key barriers. A breach from one of these will confirm its trend. DOGE is likely to head higher to retest another fundamental level.

Dogecoin price coils up

Dogecoin price is currently trading at $0.342 after multiple failed attempts at rallying higher. Despite its recent downswing, the meme-themed cryptocurrency does not show signs of buying interest, at least not like most altcoins.

Therefore, a minor pullback that interests sidelined investors should provide the oomph required for the upcoming run-up. If this were to happen, DOGE would likely retrace to the immediate support level at $0.328 or the demand zone stretching from $0.224 to $0.289.

A bounce from either of these levels could propel the meme coin to $0.481, the lower limit of a supply zone that ranges up to $0.515.

If this rally occurs from $0.32, Dogecoin price will soar 45%, but the upswing will be roughly 65% if it retests the said support area.

Investors should note that the resistance level at $0.399 will serve as a pitstop for this rally, where the buyers could book some profits or add to their positions.

DOGE/USDT 4-hour chart

The upswing narrative is intact even if Dogecoin price reenters the $0.224 to $0.289 support zone. However, a decisive 4-hour candlestick close below $0.224 will confirm the invalidation of the bullish thesis.

In that case, DOGE might retrace 5% to tag the swing low at $0.213, created on May 19.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


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