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Dogecoin Price Prediction: DOGE bulls prepare for a 23% upswing

  • Dogecoin price is retracing after its recent upthrust, preparing for the next leg-up.
  • A recovery above the $0.18 level could trigger a 23% ascent to $0.22.
  • If DOGE breaks below the $0.16 support floor, it will invalidate the bullish thesis.

Dogecoin price rose exponentially after Elon Musk’s tweet on December 14, preventing it from a catastrophic drop. This uptrend faced intense sell-off from investors booking profit, leading to a steep correction that will likely form the base for the next run-up.

Dogecoin price eyes higher highs

Dogecoin price surged 31% in a single 4-hour candlestick as Tesla CEO Elon Musk tweeted that DOGE can be used to purchase “merch” on December 14. This Musk-induced rally propelled the meme coin to a 40% advance to set a swing high at $0.22. 

Since then, DOGE has dropped 23% and is currently trading above the $0.18 support level, suggesting that the pullback is done. This development will create a lower low, indicating that the uptrend is intact.

In this situation, investors can expect Dogecoin price to restart its upswing to retest the $0.22 swing high again. This move would constitute a 23% ascent. This climb could extend higher if the buyers continue to pour in, allowing the Dogecoin price to revisit the $0.24 level, representing a 32% ascent.

DOGE/USDT 4-hour chart

DOGE/USDT 4-hour chart

Regardless of the recent upswing, if the current retracement for Dogecoin price slips below the $0.16 support level to create a lower low, it will invalidate the bullish thesis.

In such a case, Dogecoin price could crash 25% to tag the $0.12 support level.

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.

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