Dogecoin, the meme coin, is on the stern drive. The currency has seen some massive falls over the last three months. Consequently, it’s been trading downward, and there is no sign of a bullish rally in the short term. As the previous predictions, we made about DOGE become true. As our team predicted that DOGE could even decline to $0.18, and now it is trading below the support level ($0.18).
Dogecoin Price Analysis
DOGE is currently trading at $0.164 at the time of writing. In the last 24 hours DOGE falls 5.65%, with a trading volume of $1,597,789,634. Besides this, Dogecoin is still ranking no 11 on Coinmarketcap.
Yesterday the price fell over 36% hit the critical support level at $0.18. while currently, it is trading below the support area level.
DOGE hit an all-time high in early May; however, it has experienced a massive drop in its price after that. In the last three months, it fell over 29%, and in the last 30 days, it dive at least 22%.
Even after massive support from TESLA CEO Elon Musk, the coin still hasn’t gained any significant rise. As usual, the crypto markets are highly volatile. Since the crackdown in China on Bitcoin mining has impacted several digital cryptocurrencies, such as DOGE, Bitcoin, Ethereum, in June.
Moreover, the Relative Strength Index and (RSI) and Stochastic RSI (Stoch RSI) are in the oversold area. Furthermore, the DOGE price has the potential to test the 0.786 Fibonacci Retracement level before moving back.
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Dogecoin Price Prediction
As we earlier mentioned, DOGE is expected to rise at the beginning of 2022. Since June, DOGE has been on the downswing and hasn’t experienced a significant rise.
However, according to Fxstreet, the coin is soon preparing for a 20% upswing. If it rises, this could be $0.239, while DOGE price is now trading below $0.18. The coin may head towards a new position ($0.25).
According to an Analyst from Fxstreet,
“In a highly bullish case, Dogecoin’s price could rise higher to $0.256, representing a 28% ascent from $0.200.”
“On the flip side, if Dogecoin price fails to hold above the buy zone, ranging from $0.190 to $0.200, it will indicate a weakness among buyers. This development will knock DOGE down to the range low at $0.183.”
There are no significant signs of a bullish rally; however, if it continues to rise, it is expected to hit even higher than $0.256.
According to our predictions, the DOGE price might fall furthermore. The price may consolidate and may rise for the short term. However, the price chart analysis says it could go down even further. Besides this, no one can assure what will happen next, but all these predictions are made technically.
