fxs_header_sponsor_anchor

Dogecoin Price Prediction: Expect a decline, but don't miss the train if it leaves early

 

  • Dogecoin price was rejected at the $0.07 barrier.
  • DOGE price sees an increase in market sentiment as Dogecoin is officially accepted by UBER as a valid form of payment.
  • Invalidation of the bearish trend is a breach above $0.078.

Dogecoin price is a cryptocurrency traders should keep firm track of as market conditions could get very volatile in the coming days.

Dogecoin price could outperform most cryptocurrencies

Dogecoin price has recently witnessed a rejection at the $0.07 barrier, which could trigger another sell-off into June's 4-hour supply zone within the $0.05 region. On July 5, 2022, the bears showed up to add weighted pressure, printing a relatively large bearish engulfing candle on the 4-hour chart. This was a subtle display of sellers’ strength, as the candle is now the largest candle established for July.  


Dogecoin price currently trades at $0.066. A Fibonacci projection indicator (surrounding June’s monthly high at $0.078 and the June 29 swing low at $0.0669, projected into July’s newfound swing high at $0.07) shows a 161.8 % Fibonacci level lying within the same vicinity of June’s 4-hour supply zone at $0.05. This target area should be watched very closely for a potential knife-catching opportunity.

DOGE/USDT 4-Hour Chart

On the contrary, there is a chance the continuation of the current downtrend can get overthrown. Just recently, Uber announced their willingness to engage with the cryptocurrency community as they are officially accepting Dogecoin as a valid form of payment for their services. 

Thus, there is speculation amongst the crypto community that more service-providing companies will follow Uber’s trendsetting adoption of the notorious meme coin. The speculation alone should prompt day traders to keep an eye on $0.071, as a breach above it could induce serious volatility. Ultimately a retest of the $0.078 is the safest invalidation of the downtrend. A break of the latter could send the DOGE price into a massive bull run targeting $0.25, resulting in a 285% increase from the current Dogecoin price. 

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.