Dogecoin Price Prediction: DOGE primed for a 20% bounce

  • Dogecoin price has suffered a six-week decline as the bears continue to take control.
  • DOGE seems to be ready for recovery, shown by a buy signal from a technical indicator.
  • The governing chart pattern suggests that Dogecoin is primed for a 20% rally. 

Dogecoin price has been trapped under a strong declining resistance trend line for over a month. DOGE appears to be reversing the period of underperformance, aiming for a rebound of 20%. 

Dogecoin price suggests bulls are taking over

Dogecoin price is down by 57% since the June 2 top and has been stuck in a downtrend since. DOGE bulls have been attempting to lift prices higher against the overpowering distribution of the sellers, gearing up for a bounce.

On the daily chart, Dogecoin price appears to have been consolidating within a descending parallel channel since June 25. DOGE appears to be prepared for a breakout above the prevailing chart pattern.

Dogecoin price is nearing the topside trend line of the parallel channel, buoyed by the buy signal from the Momentum Reversal Indicator (MRI) in the previous daily candle. 

A prospective target is measured by drawing another parallel channel above the current pattern. The governing trend suggests a 20% move to the upside, tagging the upper boundary of the topside trend line of the parallel channel above toward $0.23, coinciding with the 23.6% Fibonacci extension level. 

Dogecoin price ready for a bounce

DOGE/USDT daily chart

Speculators should note that the subsequent price action must move up to confirm a potential rally.

Should Dogecoin price be able to secure the aforementioned target as support, DOGE bulls could expect the canine-themed coin to tag the 38.2% Fibonacci extension level at $0.27 corresponding with the 50-day Simple Moving Average (SMA). This level would act as the next obstacle for the token, suggested by the resistance line by the MRI.

Dogecoin price will find sufficient support by the 200-day SMA should DOGE bears take charge. If the bullish scenario is voided, the dog-themed coin will retest the lower boundary of the parallel channel $0.16, the June 22 low. 

Investors should note that if selling pressure intensifies, Dogecoin could still be at risk of continuing its declining price trend in consolidation.


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

Is SafeMoon a Ponzi scheme? Investors grow concerned

SafeMoon price has been on a slow downtrend as its range tightens, indicating that the volatility has dried up. The price action resembles an awful lot to Bitcoin.

More SafeMoon News

NFTs popularity explodes while the crypto markets bleed

Non-fungible tokens (NFTs) have become increasingly popular, and sales volumes on NFT marketplaces have soared higher in the first half of 2021. More brands are jumping in on the NFT craze, and in China, tech giant Alibaba is leading the adoption of this trend. 

More Cryptocurrencies News

Dogecoin price continues to tumble after Elon Musk’s tweet, DOGE contemplates 78% decline

Dogecoin price has dropped massively since its peak in April. This steady decline is approaching a crucial demand barrier, a breakdown of which could lead to a cascading sell-off.

More Dogecoin News

XRP price prepares for 12% decline as David Tice warns of market meltdown

XRP price is currently hovering above a crucial demand zone, a bounce from which failed to produce a higher high. Such a development indicates that the buying pressure is relatively weaker.

More Ripple News


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