Dogecoin Price Prediction: DOGE May Not be Ready for New Heights

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Written By: Faith Maina
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    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.

Dogecoin price

Written By: Faith Maina

Faith Maina is a financial analyst and economist. She holds a Bachelor’s Degree in Economics and is underway in her Master’s degree course. She has an expansive understanding of global markets and their drivers. Her specialities are currencies, crypto, commodities, and equities. She lives in Nairobi, Kenya with her husband and son.

Published by
Written By: Faith Maina