• Dogecoin price is at a pivotal point, resulting in a 40% upswing or 30% sell-off.
  • A swift surge beyond $0.522 and a retest of this level confirms a bullish outlook.
  • If DOGE slices through the $0.351, it will put an end to the optimistic narrative.

Dogecoin price has seen a massive surge after Elon Musk’s recent tweet revealed that he is working with the developers of the meme coin to improve its transaction efficiency. With DOGE approaching a critical point in its uptrend, more gains stand to be realized if buyers push through.

Dogecoin price at crossroads

Dogecoin price has benefited from Musk’s remarks, but it faces a decision as it hovers near the supply zone that extends from $0.489 to $0.522. This area of resistance is critical and separates a 40% bull rally from a 30% decline.

Considering the optimism around Musk’s initiative to work hand-in-hand with Dogecoin developers, it seems like DOGE price will slice through the $0.489-$0.522 resistance wall and invoke a 40% upswing to $0.739.

If FOMO kicks in after these price hurdles are breached, there is a high probability that Dogecoin price will hit $1, which is an additional 35% upswing from $0.739.

DOGE/USDT 4-hour chart

DOGE/USDT 4-hour chart

Nonetheless, a rejection from the  $0.522 supply wall could result in a 20% decline. Dogecoin price may try to find support around  $0.416 or head lower if the selling pressure builds up.

A breakdown of the demand level at $0.351 will likely invalidate the bullish thesis. In that case, the Dogecoin price will slide 7% to tag the next support floor at $0.325.


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.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin volatility hits multi-month lows, raising concerns of liquidation cascades

Bitcoin volatility hits multi-month lows, raising concerns of liquidation cascades

Bitcoin price has been consolidating between $94,000 and $100,000 for two weeks. Defund exchange FTX repayments on Tuesday dipped Bitcoin towards its lower boundary of the consolidating range.

More Bitcoin News
Litecoin bulls target $170 mark as open interest reaches four-year high of $887 million

Litecoin bulls target $170 mark as open interest reaches four-year high of $887 million

Litecoin price extends its gains and recovers above the $135.00 level on Wednesday, rallying over 7% so far this week. LTC’s open interest hints at a continuation of the rally as it reaches the highest level since May 12, 2021, of $887 million. 

More Litecoin News
Maker Price Forecast: MKR generates highest daily revenue of $10 million

Maker Price Forecast: MKR generates highest daily revenue of $10 million

Maker price extends its gains by 6%, trading around $1,189 on Wednesday after rallying more than 20% so far this week. On-chain data support a bullish move ahead as MKR generated a new yearly high in daily revenue, and funding rate data is positive.

More Maker News
Ripple's XRP holds symmetrical triangle support as SEC acknowledges Bitwise XRP ETF filings

Ripple's XRP holds symmetrical triangle support as SEC acknowledges Bitwise XRP ETF filings

Ripple's XRP is down 3% on Tuesday despite the Securities and Exchange Commission (SEC) acknowledgment of Bitwise XRP ETF. Unchained Crypto noted that XRP ETF could underperform due to key fundamental issues.

More Ripple News
Bitcoin: BTC consolidates before a big move

Bitcoin: BTC consolidates before a big move

Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP