|

Dogecoin Price Prediction: Has the worlds' favorite dog coin finally bottomed?

  • Dogecoin hovers over an ascending parallel channel.
  • DOGE price has retreated into the $0.05 barrier but has 20% more wiggle room to fall without invalidating mid-term bullish projections.
  • Safe invalidation of the downtrend is a breach above $0.07634

Dogecoin price shows strong bullish technicals. However, defining a market bottom before the next rally remains the challenge.

Dogecoin price says the time is near

Dogecoin price shows optimistic signals to close out the second week of July. It has been mentioned in previous outlooks that a sell-off would occur into the $0.05 region following the impressive 60% bull run during the second week of June. DOGE has fallen 15% since the high was marked at $0.0780 as the bulls are trying to hold support at the historical ascending trend channel. This is a crucial critical level, as the notorious dog coin still has 20% of wiggle room to fall without invalidating the mid-term bullish thesis mentioned in previous weekly outlooks.

Dogecoin price currently trades at $0.0631 above the ascending trend channel. The relative strength Index has reconquered the buyers' 40 levels on the daily chart, which merits a detailed, hands-on analysis of the world's favorite dog coin for the coming days/

tm/doge/7/15/22

Still, for our readers' safety, this article is written in a bearish format to justify a conservative bullish entry if and when the stars align for the DOGE price. If the bulls can breach above $0.078, they may be able to reconquer and create a favorable bullish market condition for investors. The first bullish target would be $0.10, while macro targets suggest the bulls could rally as high as $ 0.25, resulting in up to a 280% increase from the current Dogecoin price.

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

AAVE slips below $186 as bearish signals outweigh the SEC investigation closure

Aave (AAVE) price continues its decline, trading below $186 at the time of writing on Wednesday after a rejection at the key resistance zone. Derivatives positioning and momentum indicators suggest that bearish forces still dominate in the near term.

Hyperliquid stabilizes amid plans to burn assistance fund

Hyperliquid (HYPE) stabilizes above $26 at press time on Wednesday after three straight days of losses. Hyperliquid Foundation has started a validator vote to reduce supply by burning the assistance fund, which holds over 37 million HYPE tokens.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple extend correction as bearish momentum builds

Bitcoin, Ethereum, and Ripple remain under pressure as the broader market continues its corrective phase into midweek. The weak price action of these top three cryptocurrencies by market capitalization suggests a deeper correction.

Ethereum Price Forecast: Active addresses plunge to May levels amid resumption in US selling pressure

Ethereum (ETH) weekly active addresses have plunged sharply in December, declining from 440K to 324K, levels last visited in May. The decline in active addresses has also pushed down the number of transactions on the network to July lows.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.