|

Dogecoin Price Forecast: DOGE bulls await 65% upswing

  • Dogecoin price continues to stabilize around the 100 twelve-hour moving average.
  • Although the meme-coin seems to be consolidating, it is heading towards a key resistance point. 
  • Breaking through this hurdle could see DOGE target $0.58. 

Dogecoin price has rebounded over 67% since the recent market crash. Even though DOGE is trading in a downward trend, recent developments may aid in propelling the meme-coin higher. 

Dogecoin price ready to escape downtrend

Dogecoin price appears to be consolidating after a month of bullish momentum, which drove it to an all-time high of over $0.74. However, Tesla CEO Elon Musk continues to show support for the DOGE, suggesting that he prefers the cryptocurrency because it has "dogs and memes." 

It is important to note that Musk's tweets have worked in favor of the bulls. 

The recent swing low pushed Dogecoin price down to $0.21, dipping over 70% from its record high. DOGE has continued to form lower lows and lower highs since May 8, resulting in a descending parallel channel on the 12-hour chart. 

Now, Dogecoin price could be approaching a turning point from the recent bearish divergence, as it heads towards the upper boundary of the parallel channel. Breaking through this hurdle could result in a 65% rally toward $0.582. 

DOGE/USDt 12-hour chart

DOGE/USDt 12-hour chart

Coincidentally, the $0.355 to $0.366 area acts as a challenge for Dogecoin bulls, as IntoTheBlock's In/Out of the Money Around Price (IOMAP) model shows 75,400 addresses holding 3.90 billion DOGE around this price level. 

Dogecoin IOMAP

Dogecoin IOMAP

Such a massive supply cluster could be a strong resistance before more upside potential could be expected for Dogecoin price.

Author

Sarah Tran

Sarah Tran

Independent Analyst

Sarah has closely followed the growth of blockchain technology and its adoption since 2016.

More from Sarah Tran
Share:

Editor's Picks

Solana Price Forecast: SOL slides below $92 as downside risk grows

Solana remains under pressure, trading below $92 on Wednesday and declining more than 3.5% so far this week. Muted demand for US-listed spot Solana Exchange Traded Funds, rising short positions and overheated market conditions continue to weigh on sentiment, limiting recovery attempts.

Top 3 Price Predictions: BTC tests critical support, ETH struggles below resistance, XRP extends losses

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday as bearish momentum continues to weigh on prices. BTC approaches key support around $76,466, and a decisive close below could open the door to deeper losses. Meanwhile, ETH struggles below key resistance while XRP faces rejection at the upper trendline of a falling channel pattern, all hinting at deeper losses.

Bitcoin struggles to capitalize on US Dollar weakness as Democrats advance in US midterms

Bitcoin is down nearly 2% trading below $76,000, and testing the 200-day Exponential Moving Average baseline near $76,501. Bitcoin’s pullback aligns with the weakness in the US Dollar, which typically provides tailwinds for risk-sensitive assets. The selling pressure aligns with the US midterm elections as early results point to Democrats leading gains in both houses.

Hyperliquid Price Forecast: HYPE eyes $78.4 support as CFTC approves US equity perpetuals
Hyperliquid (HYPE) trades at $81.73 as US regulators open another route for perpetual futures, allowing contracts tied to individual stocks to trade on qualifying domestic exchanges.
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.