Dogecoin Price Prediction: DOGE Helped By Soaring Meme Stocks

Summary:

In this Dogecoin price prediction, we explain why the DOGE price rallied as the rest of the meme stocks rallied

The Dogecoin price has deviated from other cryptocurrencies. The currency has jumped to the current $0.3910, which is 25% above the lowest level since yesterday. It has risen by 10% in the past 24 hours and its market capitalisation has jumped to more than $48 billion, making it the 6th-biggest cryptocurrency in the world. Other cryptocurrencies like Bitcoin, Ether, and Cardano have barely moved in the past 24 hours.

Dogecoin news: Like all cryptocurrencies, Dogecoin declined sharply in the past few days. At its lowest level in May, the currency was down by more than 70% from its highest level on record. Today, the coin is about 70% above the lowest level on May 19th. This price action is mostly because of the ongoing activities in social media where the so-called meme stocks have done well.

For example, the AMC stock price rose by 22.6% on Tuesday and by 17.6% in the aftermarket. Similarly, other meme stocks like GameStop and Blackberry surged by more than 10%. This is notable since Dogecoin is seen as the biggest meme coin in the world.

Dogecoin price prediction

Turning to the four-hour chart, we see that the DOGE price crossed the key resistance level at $0.3800 earlier today. This was an important level since it was the highest level since May 25. The 25-day and 50-day exponential moving averages (EMA) are close to make a bullish crossover. The price has also moved above the 61.8% Fibonacci retracement level.

Therefore, the pair may keep rising as bulls target the next resistance at $0.4578, which is along the 50% retracement level. It is also about 16% above the current level. However, a drop below $0.3400 will invalidate this prediction.