- Summary:
- Dogecoin price is on a decline even as extreme greed shapes the crypto market. The altcoin may rebound in the short term.
Dogecoin price has pulled back from the one-month high it hit in Wednesday’s session. Notably, the crypto market continues to experience a rise in risk appetite.
The crypto fear & greed index is at an extreme greed level of 76. In comparison, it exhibited a greed level of 68 in the previous session and extreme fear of 20 in the past week. From this perspective, the current decline in Dogecoin price is probably a pullback before the altcoin resumes its rally.
Dogecoin price prediction
DOGE is finding support at 0.2400 after declining from a one-month high of 0.2720 in the previous session. At the time of writing, Dogecoin price was down by 2.99% at 0.2464. Since the beginning of the month when it was hovering around the psychological level of 0.2000, it has surged by about 22.47%.
On a four-hour chart, Dogecoin price above the 25 and 50-day exponential moving averages. Based on both the fundamentals and technicals, the decline recorded in Thursday’s session is likely a corrective move before the crypto returns to its uptrend.
In the near term, it will probably continue to find support along the 25-day EMA at 0.2400. the bears may manage to retest the lower level of 0.2310, which is along the 50-day EMA, before rebounding above 0.2400. On the upside, 0.2551 and 0.2642 are the levels to watch out for.
