- Dogecoin price prediction highlights DOGE’s resilience despite the ongoing bearish leg being felt in the market.
- Dogecoin is hovering between its demand zone that ranges from $0.49 to $0.53.
- Dogecoin’s 100 4-hour Simple Moving Average at $0.5 is within its demand zone, adding traction to a potential surge past this level.
- If Dogecoin surges past its $0.57 resistance barrier, it will trigger a 75 percent surge towards the $1 mark.
In the past few days, the entire crypto market has been experiencing heightened market volatility. On May 13, Elon Musk, the CEO and founder of Tesla, shocked the world when he announced that his company would no longer accept Bitcoin as a mode of payment. According to Musk, Tesla is an eco-friendly company that cannot support Bitcoin due to its affiliation with fossil fuels. Shortly after this, the number one cryptocurrency experienced a panic sell-off, plummeting its price and the general market.
Dogecoin Price Prediction: General price overview
At the time of writing, Dogecoin is trading around a convergence of support levels that guarantees a price surge towards new milestones. However, for Dogecoin to turn bullish, it has to experience a price-down surge below its immediate resistance level to kickstart the match.
Additionally, Dogecoin is currently trading within a demand barrier that ranges from $0.48 to $0.53. It is worth noting that this price region hosts the 100 4-hour Simple Moving Average at around $0.51. Therefore, if Dogecoin manages to close the day above this price region, a bull run is likely to occur. If this happens, Dogecoin is likely to surge past the $0.57 mark, triggering the start of another bull run. Under such conditions, investors should be on the lookout for Dogecoin appreciating by over 20 percent past its $0.69 resistance barrier. A breach of this barrier would put the current ATH, $0.74, as the next area of interest.
At present, Dogecoin enjoys the backing of one of the richest men in the world, and nothing seems impossible for the young crypto asset. Bypassing this swing high will allow Dogecoin to surge towards the $1 mark to create a new all-time high. If this happens, it will mark a 125 percent price surge from its current $0.49 price.
Dogecoin price movement in the past 24 hours
On looking at Dogecoin’s 24-hour price movement, the crypto asset has been recording lower highs and lower lows, highlighting the ongoing struggle between the bears and the bulls. Unfortunately, in the event, Dogecoin depreciates below the demand region’s lower boundary at around $0.49, a 15 percent down surge is likely to push its price towards the $0.42 support level. Luckily, such a move will not nullify the bullish narrative mentioned above. If the bearish trend persists, investors should be on the lookout for a sudden price reversal as Dogecoin moves towards the 200 4-hour Simple Moving Average at around $0.4.
Dogecoin 4-hour chart
The bullish outlook mentioned above is not cast onto a stone. Dogecoin’s bullish momentum might change if the current market conditions worsen. If worst comes to worst for the crypto market, Dogecoin might experience a sudden surge in overhead and selling pressure, pushing it towards the 200 4-hour Simple Moving Average. This is likely to make Dogecoin close the day below the $0.33 4-hour candlestick. This will nullify any bullish outlook for the crypto coin. Under such conditions, DOGE might lose 10 percent of its value to exchange hands at around $0.3.
Going by Elon Musk’s May 14 tweet, “ … we are working with DOGE developers to see DOGE improve its system and transaction platform,” Dogecoin is less likely to turn bearish.
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.