Dogecoin (DOGE) price prediction is not looking very bullish for 2023. The reason is the recent downtrend which has tanked DOGE price 38% below its yearly high that it posted in April 2023. The recent analysis reveals that the coin has held a significant support level but is yet to show signs of a proper bullish reversal.
On Tuesday, cryptocurrencies are trading sideways as BTC price struggles to reclaim the key resistance of $30,500. The leading cryptocurrency has shown a great recovery from its monthly lows but is yet to break above the most critical resistance on its chart.
On Tuesday, DOGE price posted minor gains, and the coin was up 0.11% till press time. The positive price action comes on a day when BTC and ETH remain sideways. Most altcoins are waiting for a breakout in Bitcoin and are hovering around critical levels on their respective charts.
There is a key level on the chart which the Dogecoin price needs to break to flip bullish once again. This will only be possible if BTC breaks above its $30,500 resistance level or Elon Musk tweets something positive for the meme coin king.
Technical analysis of DOGE chart reveals that the price action has grabbed liquidity from the September 2022 lows, which is a bullish sign. Another sign of strength will be a breakout from the downward trendline, which is just a few points above the current price.
Nevertheless, Dogecoin price prediction still depends on the reclaim of the key psychological level of $0.10. In the current market conditions, such a move seems to be unlikely to happen. However, sometimes all DOGE needs are just a single tweet from the tech billionaire Elon Musk.
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This post was last modified on Jun 27, 2023, 07:57 BST 07:57