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DOGE Price Prediction: Dogecoin bulls quickly approaching their last line of defense

DOGE Price Prediction

TL;DR Breakdown

  • DOGE price prediction highlights DOGE’s price movement above the $0.225 to $0.290 demand zone.
  • Dogecoin could record a 35 percent price surge to settle around $0.4 if bid orders increase.
  • If Dogecoin closes the day below the $0.22 price region, all bullish narratives would be invalidated, triggering a massive sell-off.

At the time of writing, Dogecoin is quickly moving towards a crucial demand region that has the power to decide the fate of the meme coin’s near-term future. If Dogecoin manages to slice through this critical region, investors will have a chance to push the crypto coin’s price to pre-crash levels and higher. However, if the crypto asset fails to settle above the demand region, the crypto asset would risk negative price movements that would push it to lows last seen in April.

DOGE Price Prediction: General price overview

Dogecoin has experienced approximately a 33 percent price decline since May 20. The recent market crash on May 19 appears to have dented the prices of most altcoins, which have recorded between 50 and 70 percent price depreciation. The recent market crash has taken a toll on these altcoins as it undid almost all the gains accumulated over the past year.

Dogecoin is currently soaring above a critical support region following the weekend price plunge that ranges from $0.22 to $0.29. Despite the decline, the current demand region presents the perfect setup for investors to accumulate their holdings. A potential surge in buying pressure will cause Dogecoin to rally from its current price region to record a 40 percent price surge towards the $0.4 region. Such a price movement is likely to lead to further bullish price actions that might see the meme-themed crypto-asset register another 20 percent rally to settle close to the supply area’s lower boundary that ranges from $0.48 to $0.52.

DOGE price movement in the past 24 hours

DOGE Price Prediction: Dogecoin bulls quickly approaching their last line of defense 1
Source: TradingView

For the bullish narrative mentioned above to mature, Dogecoin bulls will have to come together and push their favorite cryptocurrency past the demand region that ranges from $0.22 to $0.29. If the investors fail to push Dogecoin past this area, the crypto coin might fail to accumulate enough momentum to trigger a price rally. In such an event, a sell-off is likely to take place.

Dogecoin depreciated by about 11 percent during Sunday’s trading session, following Saturday’s 4.6 percent price decline. Cumulatively, Dogecoin depreciated by about 40 percent to record a price tag of $0.31. Despite the negative price movement over the weekend, Dogecoin started the day with mixed price movements. The crypto coin hit an intraday high of about $0.35 before experiencing a price reversal.

DOGE 4-hour chart

DOGE Price Prediction: Dogecoin bulls quickly approaching their last line of defense 2
Source: TradingView

At the time of writing, Dogecoin is exchanging hands at around $0.33. If the crypto-asset plummets below the $0.225 price region, all hope for a bull run will be extinguished. In such a case, Dogecoin buyers and sellers could see the meme-themed coin depreciate by 25 percent to move towards the first significant demand area at around $0.16. Such a price movement is likely to trigger a massive selling spree that might push Dogecoin below towards the next support line that ranges from $0.11 to $0.15. This support region was formed during April’s market dip.

Conclusion

Trading at around $0.33, Dogecoin needs to avoid trading below the $0.302 pivot to allow a rally towards the first significant resistance barrier at $0.36. Although Dogecoin would require support from the general crypto market to settle above the $0.36 price region, the crypto-coin needs to maintain a bullish outlook.

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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