Dogecoin Price Prediction: DOGE is ready for new all-time highs after crucial rebound

  • Dogecoin price needs to reconquer a critical support level to aim for a rebound.
  • The digital asset faces only one big resistance level before a potential breakout to $0.09.
  • However, the interest in Dogecoin has significantly declined in the past few weeks.

It seems that Elon Musk might actually end up endorsing Dogecoin as the concentration of whales isn't as bad as previously believed. The biggest whale is Robinhood which purchased Dogecoin to offer trading to its users in 2018. 

In his last tweet, Elon Musk stated that he will fully support Dogecoin if the concentration of whales diminishes. However, since there aren't that many large individual holders, perhaps Musk is closer than expected to endorse the digital asset.

Dogecoin price aims for a rebound to $0.09

On the 12-hour chart, Dogecoin bulls are fighting to push the digital asset above the 26-EMA resistance level. A rebound from this point at $0.057 would be significant.

doge price

DOGE/USD 12-hour chart

The In/Out of the Money Around Price (IOMAP) chart shows that the strongest resistance area is located between $0.058 and $0.06. If Dogecoin price can climb above this point, it can quickly reach $0.09 again. 

doge price


Additionally, there is a symmetrical triangle pattern formed on the 12-hour chart that broke bullish. A candlestick close above $0.055 would confirm it. The price target is around $0.094, a new all-time high for Dogecoin.

 doge price

However, the IOMAP model also shows that losing the key support area between $0.0533 and $0.055 would be devastating and could likely send Dogecoin price down to $0.048. 

doge price

DOGE transactions

Clearly, the interest in Dogecoin has faded away. The number of large transactions has significantly decreased in the past two weeks from a peak of 16,260 per day on January 29 to only 1,400 currently.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

GRT risks freefall under $1 amid broad-based crypto declines

The Graph is teetering at $1.73 after its uptrend ran into a barrier around $2.9. Declines have been consistent within the confines of a descending parallel channel. Losing the middle boundary support has left GRT bears with open-air to explore.

More Graph News

LINK bulls flee as broadening wedge pattern hints at a 50% drop

Chainlink price nears the end of an ascending broadening wedge pattern that forecasts a 50% drop. Transactional data shows that $17.8 could be an inflection point. If LINK price slices through this support, then a drop to $13 seems likely.

More Chainlink News

XLM poised for massive 27% breakdown, as the technical picture worsens

Stellar has recently been rejected from the yearly high of $0.61. Bulls tried their best to secure higher support but failed in that task. XLM continues with the breakdown below a descending trendline that seems to have confirmed a triangle pattern on the 4-hour chart. 

More Stellar Lumens News

DOGE in trouble as multiple technical indicators scream sell

Dogecoin price hints at a 75% upswing as the bull flag pattern develops. A decisive close above $0.058 would indicate a start of a bullish breakout. Mounting selling pressure could invalidate crucial support at $0.047 and push it down by 20% to $0.037.

More Dogecoin News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast