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Dogecoin Price Prediction: DOGE primed to retest all-time highs

  • Dogecoin price has been trading sideways around a crucial supply zone.
  • A decisive close above this area of interest could set the stage for a 70% upswing to an all-time high at $0.459.
  • DOGE funding rates are nearing zero from negative territory, indicating increasing bullish speculators.

Dogecoin price could be on the verge of a massive upswing that could retest its recently set up all-time highs.

Dogecoin price prepares for lift-off

Dogecoin price has been trudging around the $0.231 level since it crashed nearly 62% a few days ago. Now, DOGE seems to be trying to break past a crucial supply zone that extends from $0.262 to $0.302.

A successful breach of this area could form a foothold that allows the meme-themed cryptocurrency to retest its all-time high at $0.459.

Additionally, if such a move were to occur, the SuperTrend indicator’s sell signal flashed on April 21 will flip bullish and signal a shift in trend to the upside. 

Following this, DOGE will need to slice through the 50% Fibonacci retracement level at $0.345 and the resistance barrier at $0.42 to reach its intended target.

DOGE/USDT 4-hour chart

DOGE/USDT 4-hour chart

Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, Dogecoin price will face relatively minor resistance levels.

Roughly 28,000 addresses that purchased nearly 2.82 billion DOGE are “Out of the Money.” Hence, the upswing could face selling pressure from investors who might want to break even.

DOGE IOMAP chart

DOGE IOMAP chart

Interestingly, the funding rate for Dogecoin is on a sharp recovery from being negative to almost zero, which shows that speculators are expecting DOGE to surge higher. Hence, a large portion of the crowd has turned optimistic about the meme coin.

DOGE funding rate chart

DOGE funding rate chart

All in all, Dogecoin price looks bullish, but the catch with its bullish thesis is that it has to clear the immediate supply zone. However, a failure to stay above it or breach it will result in a correction to $0.231.

A breakdown of this level will invalidate the bullish thesis and trigger a 10% correction to $0.206.

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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