|

Dogecoin Price Forecast: DOGE awaits trigger for 30% advance

  • Dogecoin price consolidates around $0.367, awaiting a lift-off.
  • A decisive close above $0.40 will confirm the start of an upswing.
  • The bullish thesis will face invalidation if DOGE creates a new swing low below $0.311.

Dogecoin price shows signs of ending its consolidation as it makes headway. The recent swing high created on June 2 is a palpable sign of the evolving uptrend. DOGE needs to breach past a crucial resistance barrier to signal the start of an impulsive wave higher.

Dogecoin price eyes a higher high

Dogecoin price corrected 60% from May 18 to May 19 as it dropped from $0.515 to $0.213. After this nasty fall, DOGE set up the first swing high on May 20 at $0.435 and the second one on June 2 at $0.448, signaling the evolution of a new uptrend.

So far, the swing lows have been intact with Dogecoin price consolidating in a tiny range, indicating that it wants to move higher. A trigger or a confirmation for this rally will arrive after the meme coin produces a swing high above $0.40.

Clearing the level mentioned above will trigger an explosive 12% leg-up to the immediate barrier at $0.45. If the buyers push past this ceiling, Dogecoin price is likely to test the lower boundary of the supply zone extending from $0.481 to $0.515.

All in all, the move from $0.40 to $0.481 would represent a 30% bull rally.

In an extremely optimistic scenario, DOGE might slice through the resistance area, which will open up the path to $0.571.

DOGE/USDT 4-hour chart

DOGE/USDT 4-hour chart

On the other hand, if DOGE price fails to climb above $0.40, it will signal weak buyers. However, the bullish thesis will face invalidation if Dogecoin price creates a new swing low lower than $0.311, which was set up on June 01.

In such a case, there is a chance that the meme coin might witness a 7% sell-off to the immediate support level at $0.293.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Ethereum Price Forecast: Long-term holders' capitulation drives ETH below $1,800

Ethereum has fallen below $1,800 on Wednesday, the first time since May 2025 following accelerated spot selling pressure and distributions from long-term holders.

XRP and XLM outlook: Bearish streak extends as risk-off mood erodes retail demand, ETF flows

Ripple and Stellar prices face intense selling pressure, extending losses on Thursday for the fourth consecutive day this week. Cross-border remittance tokens are losing retail sentiment, while XRP faces additional pressure from Exchange-Traded Fund outflows. 

Bitcoin drops below $65K amid reinforced bear market signals

Bitcoin dipped further below $65,000 with onchain data from Glassnode signaling a market firmly in a bear phase. The decline has pushed prices back into a key valuation range between the Realized Price and the True Market Mean.

Grayscale launches Hyperliquid staking ETF, undercutting rival fees

Grayscale announced the launch of its Hyperliquid Staking ETF (HYPG) on Wednesday, now trading on Nasdaq. The fund offers investors direct exposure to HYPE and incorporates staking rewards, which the company claims have historically ranged from 2.2% to 2.3% annually.

Billions in ETF outflows don’t bode well
Bitcoin (BTC) remains under pressure, trading below $74,000 on Friday, and is set to post its third consecutive week of losses. The institutional sell-off continues, with spot BTC Exchange-Traded funds (ETFs) recording billions in outflows. In addition, sticky inflation and macroeconomic headwinds suppress the Crypto King’s upside potential. Institutional demand continues to weaken so far this week.