- Summary:
- We still stand behind our Dogecoin price prediction of $0.097. This level has the confluence of 0.382 Fib level and the 200-day MA.
Once again, our Dogecoin price prediction is playing out exactly as predicted. The price is 20% up since our last week’s bullish price prediction. As a result, DOGE coin price appears to be on track to meet our price target of $0.097. Currently, the price is facing a minor pullback due to a correction in Bitcoin prices.
Most cryptocurrencies are retesting their resistances amid the first significant relief rally in months. Dogecoin has reclaimed the $0.075 level, which was acting as resistance before. This has opened doors to more upside for the biggest memecoin.
At the time of writing, the Dogecoin price is trading at $0.084. The coin is 2.63% down from yesterday. Although DOGE is 70% up from its June lows, it is still 88.5% down from the May 2021 all-time high of 88.5%.
Although the DOGE meme is still very popular and Dogecoin news doesn’t fuel the recent rally. Many analysts are considering the resurgence of memecoins as another top signal before the markets get massacred. However, as long as the Bitcoin price remains stable, memecoins are likely to keep making higher highs.
Dogecoin Price Prediction
Technical analysis of the DOGE USD chart depicts an ascending wedge breakout on the daily timeframe. Although this breakout lacked volume initially, there was a significant increase in volume. The ongoing rally still has some gas in the tank and is likely to continue.
We still stand behind our Dogecoin price prediction of $0.097. This level coincides with the 0.382 Fib retracement zone and is also very close to the 200-day moving average. The daily moving average currently lies at $0.104. Reclaim of the daily moving average might trigger another rally towards the $0.13 level. However, to avoid any downside, it is advisable to keep stops for any long position below $0.075.
Dogecoin Daily Chart
Dogecoin Analysis By S&R Levels
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The take profit targets for this trade are, i.e., $0.08 & $0.084, respectively. The accuracy of this indicator is very high, and its stop-loss prevents you from losing more money. You may buy Dogecoin by signing up on top crypto exchanges like BYBIT and Binance.
