Dogecoin Price Forecast: DOGE shows promise of a bounce amid worsening market conditions


  • Dogecoin price stabilizes after a retest of the $0.0713 support level.
  • A bounce off this barrier could trigger a quick 7% rally to $0.0784, but it could extend all the way to $0.0916.
  • A decisive breakdown of the $0.0688 support level will invalidate the bullish thesis for DOGE.

Dogecoin price seems to be done with sliding lower as it approaches a stable barrier. The lack of bearish momentum mixed with a spike in buying pressure at a critical junction could be the sign that a DOGE reversal could be on its way.

Also read: Dogecoin overtakes Bitcoin in daily transactions as DRC-20 capitalizes on Ordinals hype

Dogecoin price needs to make a decision 

Dogecoin price shed 26% after failing to push through the $0.0916 hurdle and formed a local bottom around the $0.0689 support level. As sidelined, buyers stepped in, the recovery rally kickstarted, pushing DOGE up by 7% so far.

As Dogecoin price trades at $0.0738, investors can expect a continuation of this trend over the weekend and into the next week. The short-term target is $0.0784, which is roughly 7% away from the current position. But in a highly bullish case, DOGE could extend all the way up to $0.0916.

If successful, this Dogecoin price move would constitute 25% gain for the DOGE holders.

DOGE/USDT 1-day chart

DOGE/USDT 1-day chart

On the other hand, if the market outlook worsens, Dogecoin price could tank along with Bitcoin. If DOGE flips the $0.0689 support level into a resistance barrier, it will create a lower low and invalidate the bullish thesis. 

This development could see Dogecoin price crash and tag the March 8 swing low at $0.0625. 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

Pendle (PENDLE) price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.

More Pendle News

Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily

Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily

Ethereum's (ETH) recent price movement hints at a potential rally despite ETH ETPs recording outflows. The recent price improvement follows the fourth Bitcoin halving and a suspected Justin Sun wallet purchasing large numbers of ETH.

More Ethereum News

Floki poised for growth after listing on Revolut

Floki poised for growth after listing on Revolut

Floki's (FLOKI) team announced in an X post on Monday that the meme coin would be listed on the popular neobank and Fintech platform Revolut. Floki could rise further following key partnerships to boost retail usage.

More Floki News

Jupiter DEX second Launchpad vote concludes, JUP price rises 5%

Jupiter DEX second Launchpad vote concludes, JUP price rises 5%

Jupiter, a Solana-based decentralized exchange (DEX) has completed the second launchpad (LFG) vote to identify the two projects that will debut on its platform. On March 30, the aggregator network had unveiled its Core Working Group (CWG) budget proposal voting.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP