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Dogecoin Price Prediction: DOGE set for a 60% price rally

Dogecoin Price Prediction

TL;DR Breakdown

  • Dogecoin price prediction highlights DOGE’s price stabilization around the 100 12-hour Moving Averages.
  • Although Dogecoin appears to be consolidating, the crypto coin is projected to move towards a significant resistance barrier.
  • If Dogecoin moves past this key resistance barrier, the crypto coin could skyrocket towards the $0.6 mark.

Since the May 19 market crash, Dogecoin has registered a 67 percent price rebound. Even though Dogecoin’s price action is taking a downward trend at the time of writing, recent developments suggest the crypto coin is up for a significant bullish leg.

Dogecoin Price Prediction: General price overview

At the time of writing, the Dogecoin price action seems to be consolidating after weeks of bullish price movements. Dogecoin’s recent bullish leg saw the crypto coin hit a new all-time high of over $0.74. At present, Dogecoin enjoys unwavering support from Tesla CEO and serial entrepreneur Elon Musk due to his preference for dogs and memes. It is worth noting that every time Elon tweets, his actions end up favoring Dogecoin bulls.

Looking at Dogecoin’s weekly price chart, the recent price dip saw DOGE plummeting to $0.21 to record a 70 percent price dip from its latest ATH. Since May 8, the Dogecoin price movement has continuously recorded lower highs and lower lows to form a descending parallel channel on its 12-hour price chart.

At present, Dogecoin’s price action appears to be heading towards a turning point from the recent market plunge. Currently, Dogecoin is moving towards the parallel channel’s upper boundary. Moving above this barrier could see Dogecoin record a 60 percent price surge to push the crypto token towards the $0.6 mark.

Dogecoin price movement in the past 24 hours

Dogecoin Price Prediction: DOGE set for a 60% price rally 1
Source: TradingView

On looking at Dogecoin’s 24-hour price movement, it is evident that DOGE depreciated by about 6 percent during Tuesday’s trading session. This price action partially reversed a 19 percent price surge from Monday’s trading session; Dogecoin closed the day at around $0.35. During today’s early morning trading session, Dogecoin started the day with a bullish start, recording an Intraday high of $0.381 before hitting the reverse gear.

Despite the bullish start, Dogecoin failed to move past its first significant resistance barrier at around $0.4. The late morning price reversal saw the coin record an Intraday low at $0.323. This saw Dogecoin steer clear of its $0.32 major support level. At the time of writing, Dogecoin is exchanging hands at around $0.3517. So far, Dogecoin’s price movement has seen the crypto coin leave major support and resistance barriers untested.

Dogecoin 4-hour chart

Dogecoin Price Prediction: DOGE set for a 60% price rally 2
Source: TradingView

The current $0.3517 coincidentally falls between the supply region that ranges between $0.35 to $0.37. According to the IntoTheBlocks In/Out of the Money Around Price (IOMAP) model, this region holds more than 75,000 addresses holding about $4 billion tokens. Due to this fact, Dogecoin bulls are likely to face resistance in this area. Such a massive supply region could emerge as a strong resistance barrier. However, a surge past this region could see the token skyrocket by 60 percent.

Conclusion

At present, Dogecoin is sandwiched between the 20 Simple Moving Average and the 50 Simple Moving Average on the 4-hour chart. Past the immediate supply region are a few other regions that represent rigid resistance barriers, especially between $0.38 and $0.44. Suppose Dogecoin fails to accumulate enough momentum for a significant bull run, the crypto is likely to register some sideways movements. This will be within the 50 Simple Moving Average and 200 Simple Moving Average confluence.

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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