Dogecoin Price Prediction: DOGE still has 6% of losses to go before buyers might come in


  • Dogecoin is trading inside a consistent downtrend.
  • On Monday, the global rout in markets made DOGE give up Saturday temporary gains, making new lows for this month.
  • Buyers waiting for the right time to pick up Dogecoin at $0.15.

DogeCoin has been no match against the global risk-off sentiment that made trembled through markets. Investors are worried about a third wave of Covid as cases spike again in countries that are reopening. In this risk-off move, the first items to be dumped out of portfolios are cryptocurrencies and stocks.

Dogecoin had an outlier rally during the last weekend, with price action back above $0.20, almost paring the losses that occurred during the previous week. On Sunday, bears came back and took DOGE back to the downtrend that has dominated price action for the last couple of months.

Pull the bandaid off already, so Dogecoin can finally attract buyers back again

Dogecoin holders have already  lost 44% of their money since June 24. The false breakout to the upside on Saturday hurt many buyers who jumped the gun too soon, providing a bull trap. Dogecoin will have to trade at a discount for it to attract those buyers back again. In the meantime, the same pattern can be spotted in Bitcoin and Ripple, as well. 

More worrying for Dogecoin bulld is that DOGE also broke below the 200-daily Simple Moving Average. So, any recovery to the upside will be tough to tackle around $0.18 where this SMA is located at the time of writing. Buyers will be aware that upside might be limited until speed picks up, and Dogecoin can profit from more positive tailwinds if global markets turn back to risk-on.

DOGE/USD daily chart
DOGE/USD daily chart

With this mix of elements, buyers will wait for the right timing to step in and buy Dogecoin. Expect sellers to push further to complete the trade that is unfolding at the moment, targeting the support area around $0.1527. But with possibly a few stops just below from long positions on June 21, expect a very short push towards $0.15.

Any potential DOGE bulls need to beware that bullish potential might only be realized once global market sentiment can brush off the current risk-off worry on covid spread, and stocks rally back up higher again. That should act as a favorable tailwind for cryptocurrencies and help Dogecoin past the 200-daily SMA.

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

Bitcoin (BTC), the largest asset by market capitalization, has noted a decline in its active address count per data from Glassnode. A decline in active addresses is typical at a time during a surge in Bitcoin transaction fees.

More Bitcoin News

SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment

SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment

Securities and Exchange Commission (SEC) responded to Ripple’s letter that quotes the reasons for the settlement amount being unreasonable. The payment firm had proposed a fine of $10 million, as opposed to the SEC’s $2 billion. 

More Ripple News

Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million

Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million

Gemini exchange had terminated its Earn program after Genesis Global Capital did not return over $900 million in assets that it owed to the platform. New York Attorney General Letitia James’ office has recovered a total of $2.05 billion from the platform.

More Cryptocurrencies News

Here’s what you need to know about LayerZero ZRO token airdrop

Here’s what you need to know about LayerZero ZRO token airdrop

LayerZero Labs CEO Bryan Pellegrino released details of the upcoming ZRO token airdrop in a recent tweet. ZRO total supply is 1 billion of which 23.8% will be directly allocated to the community and builders. LayerZero announced June 20 as a key date, it remains unclear whether this is the airdrop or entitlement date. 

More Zro News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP