Our Dogecoin price prediction has still not flipped bullish as the coin is yet to break out of the downwards trendline. Nevertheless, DOGE price is gaining some strength after a successful retest of the $0.05 level. Reclaim of the key psychological level of $0.10 could potentially shoot the price up to the $0.16 level within no time.
Dogecoin has strengthened its position as the biggest memecoin in crypto. Despite being more than 89% down from its all-time high, it is still sitting at a market cap of $10.3 billion. This makes DOGE one of the top 10 digital assets in the world. Another ‘Dogcoin’ known as Shiba Inu coin isn’t far behind with a market cap of $6.8 billion.
DOGE memes went viral during the last year’s bull run as the tech billionaire Elon Musk became its biggest proponent. According to the Dogecoin news, the Tesla CEO is still supporting the project despite getting slammed by a lawsuit of $258 billion for shilling the memecoin.
The resurgence of ‘Dogcoin’ trend can be associated with recent Elon Musk tweets. The Elon Musk cryptocurrency Dogecoin has faced an intense sell-off during the ongoing crypto slump.
Technical analysis of DOGE USD price chart indicates that the $0.157-$0.17 region has played a pivotal role in Dogecoin’s price action. This region acted as strong support multiple times before flipping into a resistance. Nevertheless, the coin has finally found some support at the $0.049 level as it has bounced off twice and now enjoying a relief rally. The duration of this rally depends on the Bitcoin price action.
Dogecoin price prediction depends on the price breaking out of the downwards trendline (red line on the chart). Any daily close above this line might give bulls enough momentum to retest the 0.157 resistance level. However, this would be only possible if the bitcoin price gains some strength. Any daily closure below the $0.05 level would invalidate this DOGE prediction.
If you’re trading in these tough market conditions then it is highly recommended to subscribe to the InvestingCube S&R Indicator. The indicator is currently in a profitable long trade with entry at $0.064 and TP1 already hit. The stop loss of this trade is also close to our invalidation level of $0.049.
This post was last modified on %s = human-readable time difference 12:25