The Dogecoin price seems slightly stuck in a rut as it continues to hover between the $0.20 and $0.21 range. After having reached the $0.22 level on 26 July, the price sank slightly by around 11% to the $0.20 level on 2 July and has been moving around there ever since.
The boost in Doge’s price came from the general positivity around the crypto market of late. It seems that Elon Musk’s tweets do not have that much effect anymore as the dog themed cryptocurrency was largely muted just after his latest announcement.
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Short Term Forecast For Dogecoin Price: Little Movement Expected
The Dogecoin price seems to be moving around in a very tight price range and that doesn’t seem likely to change much for now. At present, DOGE is trading at the $0.2066 level and is well supported at this price.
There is a slight bullish sentiment in Doge which suggests that the price might top the $0.21 mark with a short surge. A bearish thesis would invalidate this however, and the price may continue to sink below the $0.20 mark if selling pressure enters the market.
There does not seem to be much momentum in the Dogecoin price with the breakout since the July 21 low appearing rather limited. At present, DOGE does not seem to be positioned for any higher prices and actually could be ready for further declines.
There appears to be considerable indecision among Dogecoin investors as the asset behaves just like a meme coin does. This uncertainty leaves DOGE vulnerable to selling pressure with a corresponding dip in its price.
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Long Term Price Forecast For DOGE: Needs A Daily Close Above The SMA For Price Rise
At present, the Dogecoin price seems unable to register a daily close which is above the midline of the new ascending parallel channel. This indicates that there is an underlying reluctance which is not backed up by any real strength for the long-term strength of DOGE.
It seems that investors have not targeted the July 21 breakout as an entry price. So, there is a sense of uncertainty amongst investors as a whole to time their correct entry point. The lack of conviction surrounding Dogecoin means that judicious investors who are expecting large returns should wait for a daily price that closes above the 50-day SMA of $0.238 before jumping in.
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Gerald Fenech
