Dogecoin Price Prediction: DOGE’s bullish potential appears limited amid overbought conditions


  • DOGE/USD eyes $0.80 amid a descending triangle breakout on the 4H chart.
  • Overbought RSI remains a cause for concern for the DOGE bulls.
  • Elon Musk’s Saturday Night Live appearance waited for fresh impetus.

Dogecoin (DOGE/USD) has entered a phase of bullish consolidation after recording fresh all-time highs at $0.7558 on Friday

The Shiba Inu-represented cryptocurrency, Dogecoin, staged a 23% rebound from Thursday’s low of $0.5339, as traders overlooked Tesla Inc’s founder Elon Musk warning, “Cryptocurrency is promising, but please invest with caution!”

The optimists rather cheered Musk’s tweet referring to DOGE, “Fate loves irony. Like, what would be the most ironic outcome? That the currency that was invented as a joke in fact becomes the real currency.”

The coin has risen a staggering 20000% so far this year, benefiting from the celebrity endorsements while being Musk’s all-time favorite.

Looking ahead, DOGE bulls brace for Musk’s Saturday Night Live appearance for fresh trading impulse.

DOGE/USD: How is it positioned on the technical graph?

DOGE/USD: Four-hour chart

Having confirmed a descending triangle breakout on the four-hour chart in Friday’s Asian trading, DOGE/USD built onto the upside, looking to retest the record highs.

The next stop for the DOGE bulls is seen at $0.7915, the pattern target. Further up, the $0.80 round figure could come into play.

However, the relative strength index (RSI) is edging higher within the overbought region, warranting caution for the buyers.

Therefore, the DOGE price could likely face rejection near the $0.80 region, which could trigger a corrective pullback towards the upward-sloping 21-simple moving average (SMA) at $0.6260.

If the downside pressure intensifies, the sellers could aim for the psychological $0.60 level.

The next relevant support is aligned at the triangle resistance now support at $0.5831.

Further south, Friday’s low of $0.5093 could challenge the bearish commitments.

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

XRP price eyes deeper losses, as 200-DMA looks at risk

XRP price is licking its wounds so far this Saturday, having reached the lowest in three months at $0.7691 on Friday. XRP bears are set to breach the 200-DMA, with a test of May lows likely. Ripple confirmed a symmetrical triangle breakdown on the daily chart. The path of least resistance appears to down despite the tepid bounce.

More Ripple news

SafeMoon Price sees a dead cat bounce before the next downswing kicks in

SAFEMOON price is fading the recovery momentum this Saturday after falling for four days in a row earlier this week. Technical up on the 4H chart paints a bearish picture. RSI remains bearish, as more weakness likely in the near term.

More SafeMoon News

DOGE price eyes $0.1950 if key 100-DMA support caves in

Dogecoin sellers refuse to give up, as the bearish momentum extends into the fifth consecutive day on Saturday. Dogecoin price eyes a break below key 100-DMA support on the daily chart. The May 19 flash crash lows at $0.1950 remain on the sellers’ radars. 

More Dogecoin news

Cardano price stalls four-day losing streak, but not out of the woods yet

Cardano (ADA/USD) is snapping its four-day losing streak, attempting a minor recovery on Saturday amid a sluggish tone seen across the crypto market. ADA price is down about 3% over the week, having risen 750% from the start of the year. 

More Cardano 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