- Dogecoin price has gained over 6,800% since the beginning of the year
- buyers could invalidate the prevailing downtrend and drive the price of DOGE towards $0.45 and $0.47.
- The RSI points to the negative zone suggesting the bears could bottom at the falling wedge support
Dogecoin Price Prediction: General price overview
Dogecoin (DOGE) has gained over 6,800% since the beginning of the year and more than 13,561% within the past 12 months. However, the coin seems to be caught within a bearish whirlwind and it has been on this trend for three consecutive days. The price of the coin is hovering between $0.28 – $0.30, with the bulls attempting to break above the 50-day simple moving average at $0.31.
More buyers could invalidate the prevailing downtrend and drive the price of DOGE towards $0.45 and $0.47. The bears activated a downward movement of the 2-day exponential moving average ($0.44) at the start of the weekend. Thereby giving the bears an advantage to take over the price and target $0.30. If the bulls are not able to jump in quickly and adjust the moving averages to their advantage, they risk a breakdown to $0.21. If they are strong and quick enough to sustain the price above $0.31 , a breakout to $0.47 is on the sides and a subsequent surge to $0.57.
The crypto meltdown that began on Wednesday has already wiped over 55% of investor capital. Invalidating any considerable hopes of a near term consolidation. At the time of writing, DOGE is trending in a 14-days falling wedge formation at a price of $0.2991.
Dogecoin price movement in the past 24 hours
The intraday price range for dogecoin is between a daily low of $0.2800 and a daily high of $0.3506. The coin formed a descending channel since the early start of the daily chart . Dogecoin’s trendline on the 24-hour chart might hold the bulls hostage and sustain a downswing to $0.15. However, if the bulls can gain support from the broader market, the coinciding level between the wedge resistance and the 50-day moving average will be the next bullish target.
Dogecoin price movement in the last 4 hours
The RSI points to the negative zone suggesting the bears could bottom at the falling wedge support at $0.2602. If the price manages to retest a falling wedge breakdown, a $0.1950 swing low is imminent. The bulls can only bet a rebound across the wedge support for dogecoin to hit levels above the 21-day moving average and subsequently target the 200 simple moving average, which currently stands at $0.4199.
Elon Musk’s recent comment about DOGE failed to elicit any bullish action on the price of the altcoin. For 3 days, the coin has been trading along a bearish trendline and this might be attributed to China’s crackdown of mining operations in the country.
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.
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