Dogecoin Price Prediction: DOGE targets $0.16

Dogecoin (DOGE) price is seeing investors prepositioning for a rally as investors assess the FED might be more accommodative, despite knowing rate hike is forecasted. As a result, cryptocurrencies are on the front foot with green numbers in all major cryptocurrencies. Expect to see a breakout out of the current consolidation with lower highs and higher lows to the upside as the Relative Strength Index (RSI) sees a bullish knee jerk reaction, with DOGE price set to pierce above $0.1357 and to rally up to $0.16, adding roughly 25% of value.

DOGE price set to add 25% of the value

Dogecoin price has had a rough month in April with some fierce bullish breakouts that each time got followed with a complete pairing back of the incurred gains. As investors start with a new leaf for May, the price looks to come out of the current consolidation in favor of bulls. The RSI is flatlining with a slight bullish knee-jerk reaction at the moment, setting the scene for a rally later today. 

DOGE price will first break above $0.1357, a historic pivotal level intersecting with the 55-day Simple Moving Average (SMA). That break will likely attract hesitant investors and traders with a clear sign that sentiment has changed in favor of a long-trade. WIth buy-side demand exploding, expect to see a rally up to $0.1594, with the FED as the catalyst, possibly accelerating and magnifying the move higher.

DOGE/USD daily chart

Technically, a rejection at the 55-day SMA with the historic pivotal level of $0.1357 could put a cap on the top side. Bulls would be squeezed out and dragged back to the lower end of the current bandwidth to $0.1242. In case that breaks, expect a drop back to $0.1067, which was the low of February 24.