Dogecoin Price Prediction: DOGE positions itself for rally that may never come


  • Dogecoin price seems to have formed a bottom as it set up a higher low at $0.30 on June 12.
  • Overcoming the resistance level at $0.328 and setting up a higher high above $0.355 could begin the upswing.
  • However, the buyers’ inability to push past the immediate supply barrier at $0.328 or $0.367 might result in a reversal.

Dogecoin price appears to be bullish and shows signs of a potential new uptrend. However, this upswing needs confirmation, which will arrive after DOGE produces a decisive close at a critical resistance level.

Dogecoin price vies for an uptick

Dogecoin price has been on a significant downswing since setting up a swing high on June 2 at $0.448. After a 34% sell-off, DOGE formed a bottom above the support level at $0.293 and looks ready to rally. 

However, despite Bitcoin price crossing $40,000, a crucial psychological barrier, altcoins, including DOGE, have failed to perform, suggesting that investors are only interested in BTC.

Assuming a potential spike in buying pressure does arrive, Dogecoin price needs to close above an immediate resistance level at $0.328.

Following this, the meme coin needs to set up a higher high above the previous swing high at $0.355 created on June 9. While this move might serve as an initial confirmation, a decisive close above $0.367 will signal an uptrend’s start.

If this were to happen, Dogecoin price might tag the resistance barrier at $0.399, roughly 22% away from the current position, $0.325.

DOGE/USDT 4-hour chart
DOGE/USDT 4-hour chart

Investors need to note that a failure to rise above $0.367 will indicate that the sellers are not done yet. In that case, DOGE could retest the demand barrier at $0.293.

However, a decisive close below $0.293 will set up a new swing low and open up the possibility of a 25% downswing to $0.213.

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

Bitcoin bulls ignore China warning amid a potential rally to $45,000

Bitcoin has kicked off the August month on the right footing, looking to extend the previous week’s 15% gains amid favorable fundamental and technical catalysts. Looking at the daily chart, the BTC price is gathering pace to initiate a fresh upswing towards the horizontal 200-Daily Moving Average (DMA) at $44,750.

More Bitcoin News

Dogecoin price preps up for a rally towards $0.30

Dogecoin price is jumping this Sunday, displaying a solid start to August, as a fresh buying wave grips the crypto market. DOGE price confirms a triangle breakout on the 4H chart. The bulls target $0.30 amid the renewed upside momentum.

More Dogecoin News

Shiba Inu Price Prediction: Tide turning in favor of SHIB bulls, as $0.00000750 beckons

Amid an upbeat momentum seen across the crypto board, Shiba Inu is looking to extend Saturday’s upswing from near the $0.00000590 support area. The focus remains on Sunday’s close to confirming a falling wedge breakout on the 1D chart.

More Shiba Inu News

XRP price eyes a sustained break above 200-DMA to recapture $1.00

XRP price pauses its recent uptrend, consolidating in a familiar range for the fourth day in a row, as the digital asset bides time to resume the next leg higher. Only a daily closing above the 200-DMA could open gates for a rally towards $1.00. 

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP