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DOGE Price Prediction: Dogecoin showing take off signs

DOGE Price Prediction

TL;DR Breakdown

  • DOGE price prediction shows the number 14 cryptocurrency is on the brink of slicing above the falling trendline on the 4-hour chart.
  • Dogecoin enthusiast and Tesla CEO, Elon Musk, wants Dogecoin to be listed on Coinbase for improved availability and accessibility.
  • Dogecoin’s recent decisive price surge past the $0.06 mark validates its comeback from February’s low.

Since recording some severe lows in February, DOGE seems to be getting its groove back as it has been recording some price recovery in today’s chart. As for its 24-hour chart, DOGE has been registering a mixture of price trends, which have seen the crypto coin breaking key downtrends. This paves the way for a major bull run that could push it past the $0.06 level over the next few hours.

DOGE Price Prediction: General price overview

It has been an eventful weekend for the number 14 cryptocurrency as Tesla CEO Elon Musk decided to add his voice to the growing debate concerning DOGE joining Coinbase. Through his usual signature, Elon tweeted that he was having a “DOGE day afternoon.”

Elon’s tweet came in stark contrast to the current CEO of Galaxy Investment Partners, Michael Novogratz, who, through a tweet, called Dogecoin “one of these joke coins.” Even though Michael’s tweet was constructed to dent the DOGE image, the crypto asset appears to have benefited from the free publicity and recorded some upward and downward price movements in the last few days.

For instance, Dogecoin’s price corrected the price surge that followed the bullish sentiments that Elon tweeted. Despite downward price movement, the price retraction did not spell the beginning of a bearish trend. Instead, it indicated the crypto asset needs more time to gather before volatility returns to the picture.

DOGE price movement in the past 24 hours

DOGE Price Prediction: Dogecoin showing take off signs 1
Source: TradingView

According to DOGE’s 24-hour chart, it is evident the crypto asset can rally above the $0.0582 mark. Successfully rallying above this resistance level will open the gate for DOGE to ascend and bypass the $0.064 mark, meaning a new milestone.

However, for DOGE to hit this level, it has to move past the confluence of the 100 45-minute SMA and the 50 Fibonacci retracement level, which currently stands at the $0.058 region. For Dogecoin to also support the bullish outlook, the volume must increase immediately.

DOGE 4-hour chart

DOGE Price Prediction: Dogecoin showing take off signs 2
Source: TradingView

According to DOGE’s 4-hour chart, the .617 and the .785 Fibonacci retracement levels are the immediate significant short-term resistance levels for the number 14 cryptocurrency, which currently stand at the $0.6 and $0.063 region, respectively.

Dogecoin is likely to find support at the broken downtrend line that currently rest at the $0.0566 region in case of any immediate retracement. If it further plummets past the $0.056 region, it will quickly take back the gains DOGE got from the recent short-term bullish surge. In this instance, Dogecoin will be forced to project and test the $0.052 region

Conclusion

Dogecoin is one of the lucky crypto assets in the market today as it enjoys free advertisements from technology guru and billionaire Elon Musk. His efforts appear to be reaping fruits as Pay Later Tires recently announced they would be accepting payments in DOGE tokens.

This is a milestone in the right direction as it will make the number 14 cryptocurrency stabilize and become more viable in the commercial world. At present, the company also accepts payments from the 2 major cryptocurrencies, Ethereum and Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Robert Githinji

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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