Dogecoin Price Prediction: DOGE comeback might propel it up by 26%


  • Dogecoin price created a new swing low at $0.162 after the recent 43% sell-off.
  • DOGE has rallied 35% since this bottom and looks to continue this ascent by another 26%.
  • A breakdown of the swing low at $0.162 will invalidate the bullish thesis.

Dogecoin price slid below the May 19 range low to create a new bottom as the entire cryptocurrency market underwent a sell-off. Although DOGE has rallied considerably since setting up the recent swing low, more gains seem to be on the horizon.

Dogecoin price to continue its bull rally

Dogecoin price crashed 43% from $0.290 to $0.165 between June 20 and June 22. This sell-off pushed below the previous range low at $0.194 to set up a new one at $0.165.

Despite this massive plummet, the cryptocurrency market, including DOGE, is recovering swiftly. However, the bulls need to slice through the immediate resistance level at $0.255 to tag $0.280.

A decisive 6-hour candlestick close above this barrier will signal the start of a new uptrend that could propel the meme coin to a new supply level at $0.343.

The upswing described above will either come after a minor retracement to $0.194 or continue to head higher and then retrace to $0.194. Therefore, investors need to exercise caution.

DOGE/USDT 6-hour chart

DOGE/USDT 6-hour chart

On the flip side, if Dogecoin price fails to climb above $0.255, it would signal weak bullish momentum. However, if DOGE slices through the support level at $0.194, it would indicate increased selling pressure.

If the bears continue to push through, leading to a breakdown of the swing low at $0.162, the bullish thesis will face invalidation. In that case, Dogecoin price could sell off another 27% to $0.119.

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

Decentraland price under pressure by market turmoil, MANA points to steep correction

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.

More Cryptocurrencies News

Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain

Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.

More Bitcoin News

XRP holds key support while indicators point to short-term recovery

Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

More Ripple News

Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange

Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements. 

More Shiba Inu News

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!

BTC

ETH

XRP