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/
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.
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.
