TL;DR Breakdown
- DOGE surges as high as 260 Satoshi on Binance.
- Further upside rejected by the 200 Satoshi resistance.
- Currently, DOGE/BTC looks to move below the 100 Satoshi mark.
- Key support – still the 15-30 Satoshi area.
Dogecoin price prediction today is neutral as the popular meme cryptocurrency has already gained more than 1000 percent on Binance, after a historically significant tweet by the @WSBChairman, “Has Doge ever been to a dollar?”, which sparked a massive buying pressure in the market.
Dogecoin Price Prediction: DOGE to retrace towards the area of support to prepare for the next pump
Dogecoin soared towards a well know zone of profit-taking – 100 Satoshi mark. On several exchanges such as Binance and Bittrex, Dogecoin managed to move as high as 260 and 220 Satoshi. However, on Poloniex it did reach only 176 Satoshi mark, which was a disappointment to many experienced crypto traders as Poloniex is one of the oldest crypto exchanges and it was used as the benchmark in the past Dogecoin pumps.
DOGE/BTC weekly chart – Dogecoin has done it once again
As always, when Dogecoin pumps, the crypto community celebrates as it is a well know fact that Dogecoin is a so-called meme cryptocurrency, based on the popular “Doge” meme that features a Shiba Inu dog. However, Dogecoin price prediction is still the same – pump above 100 Satoshi and return back to 15-30 Satoshi.
DOGE/BTC weekly price chart on Poloniex by TradingView
Dogecoin did not touch the psychologically critical 100 Satoshi zone for a very long time. In fact, the last time Dogecoin pumped above the 100 Satoshi mark was in September of 2018. Therefore, a lot of speculation developed whether Dogecoin can reach this critical area of resistance again.
Looking at the long-term DOGE/BTC chart, we can see a clear Dogecoin price prediction – DOGE/BTC should retrace towards the major, several-year support area of around 15-30 Satoshi. This area has proven to be a solid base during the past Dogecoin pumps.
Key areas of resistance for Dogecoin have been the 100 and 200 Satoshi mark. The 100 Satoshi mark was a frequent target for the price of Dogecoin during several pumps throughout 2017 and 2018. Since then Dogecoin has been relatively stable with the latest pump, in the middle of 2020, only resulting in 60 Satoshi price mark being shortly tested.
Therefore, the current Dogecoins move, which resulted in a break above the 100 Satoshi mark, is a historical moment in the cryptocurrency space. Further on, once Dogecoin reached the 200 Satoshi mark on Binance, a lot of tweets and Reddit posts were made celebrating this historical moment and promising even further highs.
Dogecoin price movement in the last 24 hours
Despite reaching the 100 Satoshi level of resistance in just a couple of hours and later breaking above the 200 Satoshi mark, Dogecoin has lprobably reached another point of exhaustion. Therefore, the analyst expects Dogecoin to return to its base price of around 15-30 Satoshi.
DOGE/BTC 1-hour chart – Dogecoin moving in an increasingly tighter range
DOGE/BTC 1-hour price chart by TradingView
Currently, however, Dogecoin looks to move lower once again as it frequently happens after DOGE/BTC passes the 100 Satoshi mark. When looking at the short-term price movement over the last 24 hours, clear signs of consolidation can be seen around the current price levels. DOGE/BTC has set a lower high and a higher low.
DOGE/USD 1-hour chart – Dogecoin moving in an increasingly tighter range
Dogecoin/USD 1-hour price chart by TradingView
Previous Dogecoin price prediction mentioned a target of $0.019. This level, however, has been broken as Dogecoin soared all the way towards $0.0875 against USDT on Binance.
From the previous low, around $0.0075, Dogecoin has gained more than 1000 percent. This is historically one of the largest Dogecoin pumps, and many traders have either taken a lot of profits or missed one of the greatest trade opportunities this month.
Currently, Dogecoin should retrace back to the downside as the market does after the occasional pump. A support level to watch right now is the $0.035 previous swing low as well as the $0.01 psychologically round number, which has acted as a strong resistance several times over the past month.
A further pump could happen despite the massive gains already made. However, entering the market right now would not offer a good risk/reward situation. Therefore, the best option would be to wait for another move below the $0.01 mark with the expectation that Dogecoin will pump higher once again someday.
Dogecoin Price Prediction: conclusion
Overall, Dogecoin price prediction today is neutral. The market has extended itself by more than 1000 percent when measuring both against BTC and USD. Further highs are unlikely as of now, despite the massive interest and hype around the move.
Traders should be careful when trading Dogecoin as the severe volatility could leave you holding a massive bag of Dogecoin for several months. Therefore, the best option right now is to stay neutral and wait for further price action development.
For further reading, read our story on Elon Musk updating his Twitter bio to just “Bitcoin” and see our Bitcoin price prediction for today.
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.
