Home Latest News Dogecoin Price Prediction: DOGE edges closer to 20% breakout – FXStreet

Dogecoin Price Prediction: DOGE edges closer to 20% breakout – FXStreet

Akash Girimath Akash Girimath

Dogecoin price has shown clear signs of struggle over the past few weeks. Every attempt to breach higher was met with stiff resistance that resulted in a prolonged downtrend. But as DOGE tightens into a range, investors are waiting for a bullish breakout. 
Also read: Dogecoin Price Prediction: History suggests a potential 30% rally in DOGE
Dogecoin price has been producing lower highs and lower lows since April 3. Connecting these swing highs reveals a declining trend line. Between April 3 and June 9, DOGE lost 50% of its market value and produced a local bottom at $0.0530. Since then, the dog-themed crypto has kick-started a recovery move and rallied 28% and has come face-to-face with the aforementioned declining trend line.
A successful breakout above this resistance level will confirm Dogecoin price has kick-started a volatile move. In such a case, DOGE could eye the liquidity resting above the equal highs at $0.0721. 
If the bullish momentum continues to pour in Dogecoin price could eye the next hurdle at $0.0814. In total, this move would constitute a 20% gain from the current position at $0.0673.
Interested investors should also pay close attention to the $0.0631 support level, which is a good buying opportunity should DOGE retrace before attempting a breakout.
DOGE/USDT 12-hour chart
DOGE/USDT 12-hour chart
While the bullish outlook is a mid-to-long term thesis, A daily candlestick close below $0.0631 that flips it into a resistance level will invalidate the bullish thesis for Dogecoin price. In this case, DOGE could crash 21% and sweep the liquidity resting below the equal lows at $0.0497.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Join Telegram
XRP price volatility over the next few days is to watch out for as one of the biggest catalysts; Ripple's developer conference, has begun as of this moment. While the event will only be held over two days, it is expected to have a significant impact on the altcoin. 
US Securities & Exchange Commission Chair Gary Gensler has called into question the integrity of the cryptocurrency industry, saying it is full of fraudsters and manipulators. It comes barely a week after former FTX CEO Sam Bankman-Fried was found guilty on seven counts of charges bordering along fraud.
Bitcoin bullish momentum appears to be waning, threatening its upside potential as the king of crypto reaches a critical juncture. Ethereum is experiencing a similar turnout, but Ripple is pushing for a different fate depending on how the bulls play their hand. 
Cardano (ADA) price uptrend remains sturdy, showing no exhaustion despite being up for almost three weeks in a row. It has seen the cryptocurrency break past key levels, and now a continuation of the trend seems likely, steered by multiple bullish fundamentals.
BTC, on the daily time frame, showcases not one but multiple sell signals. To add to its woes, on-chain metrics are also showing profit-taking en masse. While the rally prompted by the potential ETF approval has propelled BTC so far, the lack thereof could also knock the pioneer crypto lower. 
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.