- Dogecoin price prediction points at the recent bullish recovery of 40% from its swing low
- DOGE price surged 11.2% in the last one month
- Dogecoin price moves in an ascending channel pattern which has a bearish bias
Dogecoin’s (DOGE) price prediction shares an overview of the bearish to sideways price action of the DOGE token. In March 2023, the DOGE crypto witnessed a pump of 67% from its swing low of $0.06575 to the resistance of $0.10500. Due to its sustainability, the bears had an opportunity to dominate the market and flush the price by 48.49%. During the downfall, the price briefly went below the crucial support of $0.05739 before the bulls came to its rescue.
At the time of writing, the current market price of DOGE tokens is $0.06294. The 24-hour trading volume declined by 26.89%. The market is down 0.89% in the last 24 hours. The overall market cap of Dogecoin is $9,717,075,594.
Will Dogecoin break the 200 EMA?
Source: DOGE/USDT 1D Chart by TradingView
Dogecoin’s (DOGE) price prediction indicates that the DOGE token has been under bearish influence prior to the recent recovery. After the dump, the bulls bought the dip aggressively, thereby pulling the price out of the bear’s grips. This led to a 30% recovery from its current market price.
The bounce trapped many sellers, who were forced to exit their positions, which led to the rise of the DOGE token price. Another observation concludes that the DOGE token is getting a rejection from the 200 EMA, which is a bearish sign. Meanwhile, the Bulls succeeded in piercing the resistance of $0.0657.
Can DOGE Price Sustain its Uptrend?
Source: DOGE/USDT by TradingView
The 4-hour chart displays a bullish market structure, where the DOGE price can be seen making higher highs and higher lows. Moreover, the DOGE token price is moving in an ascending channel pattern on its way up. The DOGE price has broken above the 200 EMA, hinting at bullish strength in the short term.
The recent volume activity suggests that the bulls are interested at these levels. With its current path, the DOGE coin may break the local resistance of $0.07707 soon. However, since the price is moving in an ascending channel, bears can interpret this as a bear flag. Therefore, investors should watch the channel for a breakdown, as it could lead to a decline in price.
RSI: The RSI indicator is currently at 49.65. It represents a bearish to a sideways condition where the market may continue sliding down until the RSI exceeds 50.
MACD: MACD is getting ready to make a bullish crossover above the 0 line. It suggests that the correction may be getting over soon and the price may continue to move up.
200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.
Conclusion
Dogecoin’s (DOGE) price prediction shares an overview of the bearish to sideways price action of the DOGE token. The market has witnessed a decent bounce from the swing low. The overall trend is yet to change as the price is still under the 200 EMA on the daily time frame. The market is looking bullish in the short term but it’s important to consider the risks of the overall bearish trend. It would be best to navigate the current situation with proper risk management to avoid major losses.
Technical Levels
- The nearest support level: $0.06575
- The nearest resistance level: $0.07707
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
