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Dogecoin Price Prediction: DOGE quickly recovers to trade above the $0.6 mark

Dogecoin Price Prediction

TL;DR Breakdown

  • Dogecoin price prediction shows DOGE’s insufficient down surge momentum.
  • Dogecoin rebounds from yesterday’s slump to exchange higher due to Saturday Live event.
  • The Dogecoin fever appears to be spreading to Indian crypto exchanges.

Earlier today, Dogecoin managed to rebound back above the $0.6 mark after failing to settle below its $0.53 support line. This happened as a result of renewed buying pressure after the brief price plunge. Judging from the speed of recovery, it seems many investors were waiting for the crypto coin to fall to accumulate their holdings. As a result, the sudden rush to buy the token pushed it back above the $0.6 mark.

Dogecoin Price Prediction: General price overview

At the time of writing, Dogecoin is up by 2 percent to exchange at around $0.62 after plunging to around $0.51 earlier on. The crypto token that started as a joke in 2013 appears to be having a great week as it has rallied by almost 50 percent. According to some market pundits, tomorrow’s SNL event hosted by billionaire Elon Musk promises to send Dogecoin prices higher surging. Elon is widely expected to do his usual Dogecoin skit mentioning as a way of driving traffic to the event. This will in turn raise Dogecoin’s profile and increase its market demand.

In recent trading sessions, Dogecoin has been making frequent attempts to settle below its $0.53 support line, but to little success. This support line has proved its significance by denying Dogecoin a breakdown as each attempt was thwarted by a quick price recovery.

Dogecoin price movement in the past 24 hours

Dogecoin Price Prediction: DOGE quickly recovers to trade above the $0.6 mark 1
Source: TradingView

At the time of writing, the Relative Strength Indicator (RSI) shows Dogecoin is still in the overbought area, a natural occurrence for a crypto asset in bullish momentum. However, it is worth noting that the current 61.1 RSI mark is still a drop from recent peaks and remains well below April’s extreme highs. With that said, Dogecoin has plenty of room to secure additional upward movement.

According to the 24-hour price movement, Dogecoin is trading above the $0.6 mark and is trying to retest the next significant resistance barrier which is located around the $0.67 region. Previously, the crypto asset has encountered some resistance around the $0.64 region, but it remains unclear whether this is a serious barrier on Dogecoin’s upward march.

In the event of a decisive close above the $0.64 region, investors should expect Dogecoin to surge towards the $0.67 resistance level during tomorrow’s trading session. A fortunate test of the $0.67 resistance level will push the crypto coin towards Dogecoin’s recent ATH at the $0.7 region. A surge past this region will provide Dogecoin an opportunity to realize additional upward movement.

Dogecoin 4-hour chart

Dogecoin Price Prediction: DOGE quickly recovers to trade above the $0.6 mark 2
Source: TradingView

According to Dogecoin’s 4-hour chart, the $0.6 line serves as the immediate support level for the crypto coin. A decline past this region will plunge Dogecoin towards the next support line at around $0.57. In the event further price dips are registered, the crypto asset is going to rely on the next critical support line at $0.54. A move below this line will trigger an avalanche of overhead and selling pressure that might open the door for significant declines.

Conclusion

At present Dogecoin is the third most valuable crypto coin by market capitalization, according to CoinMarketCap.com. Dogecoin bulls need to ensure declines past the $0.5 mark are averted as much as possible. As long as Dogecoin is hovering above the $0.6 line, there is a high likelihood for it to surge past the recent milestone towards the $1 mark.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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