Dogecoin Price Forecast: DOGE defends critical support and heads towards $0.060


  • Dogecoin price is trading inside a parallel channel on the 1-hour chart.
  • DOGE bulls have defended the lower trendline support of the pattern and aim for a significant rebound.
  • There is only one critical resistance level that Dogecoin needs to pass.

Dogecoin has been extremely volatile in the past week due to endorsements from Elon Musk and a massive pump orchestrated by the subreddit WallStreetBets which managed to successfully push the price of Gamestop stock, triggering a massive short squeeze.

Dogecoin price can jump to $0.054 if bulls can crack this level

On the 1-hour chart, Dogecoin has formed a parallel channel and bulls just defended the lower support trendline established at $0.044. DOGE aims for a nice rebound towards the upper boundary of the pattern at $0.0537.

doge price

DOGE/USD 1-hour chart

The In/Out of the Money Around Price (IOMAP) chart shows just one critical resistance area between $0.047 and $0.048 with 9.3 billion DOGE in volume and 49,000 addresses involved. A breakout above this point should easily drive Dogecoin price towards $0.054 as there are no other barriers ahead.

doge price

DOGE IOMAP chart

However, the IOMAP model also indicates that support below $0.046 is extremely weak in comparison. This indicates that Dogecoin could easily lose the crucial support level at $0.044 which would be bearish.

doge price

DOGE/USD 1-hour chart

A breakdown below $0.044 will drive Dogecoin price towards $0.039 at first and as low as  $0.034 in the long-term.

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

VeChain price reaches the limit, easy money in VET has been made

VeChain price did trade below the June 22 low in July but has responded with a 40% return (based on the current price) over the last six trading days, a sign of commitment and emotion in a cryptocurrency that had lead the market lower.

More VeChain news

XLM Price Prediction: Stellar faces technical challenges, upside limited

XLM price has climbed over 40% since the July 20 low, shredding the trading range defined by the descending parallel channel since the end of June. The rise has taken Stellar to a trifecta of resistance around $0.278, but enthusiasm behind ...

More Stellar news

Bitcoin price pares gains as Amazon denies it will accept BTC in 2021

Bitcoin price was up over 14% at one time today, taking it close to the imposing resistance beginning at $41,300. BTC falling wedge pattern breakout remains secure and projects higher prices.

More Bitcoin News

SafeMoon price nears lift-off, as SAFEMOON possesses the conditions for a big move

Safemoon price has been coiling within a descending triangle pattern since the May crash, highlighted by no sustainable rallies and continuous support along the May 19 low of $0.00000261.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP