The Dogecoin price seems to be stuck in a rut with very little movement either way. However, the general trend appears to be a bearish one with DOGE sinking below the $0.20 level and looking poised for further losses short term.
Elon Musk seems to have gone AWOL on DOGE with his recent focus being Ethereum. Still, the Tesla founder did mention that he was looking at the possibility of combing Doge with ETH and the former’s price moved slightly upwards although just over 10%.
The latter cryptocurrency has seen a 25% appreciation in price over the past few days and bar any minor mishaps, seems poised for further gains.
Not so for the Dogecoin price which has been in a constant descent since June 18 where the price had touched the $0.32 level. Admittedly, there has been a strong 11% rise since July 21 from the monthly low of $0.168 but the recovery has stopped in its tracks.
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Short Term Forecast For Dogecoin Price: More Sideways Movement
As already indicated previously, the Dogecoin price seems stuck in a sideways movement after it had recovered from the June 21 low of $0.168. The trendline seems to be showing further bearish territory and the mirages of $0.25 and $0.30 are certainly quite far away.
However, a bullish thesis shows that the Dogecoin price might make a beeline for the $0.30 mark. The July 21 close above the resistance of May’s descending trendline was encouraging but the dog memed token filed to build on the 27% gain and ended up with a meagre 11.5% move.
There has been a rather underwhelming follow up to this scenario with Doge consistently closing below the July 21 high of $0.218. The rebound is now looking quite inconclusive and a further drop may be required for the bullish thesis actually pans out.
The Dogecoin price is currently static at just above the May 19 low of $0.195. This is not the anticipated price movement for a bullish scenario, when one considers the breakout from the May descending trend line from a bullish momentum divergence at the low registered in July. The double pattern triggering on the intra-day charts indicates a different path too.
What’s The Future For The Dog-Themed Crypto?
In the immediate short term, the Dogecoin price could descend to the $0.168 level or the neckline of a head-and-shoulders pattern of $0.163. This would indicate an 18% drop from the current price.
However, if Doge continues to hold the current levels, then it would be fair to assume that the momentum has turned bullish. The next level of resistance to be overcome would be the $0.25 level whilst the level of $0.295 would be the next achievable target. These would be 25% and 46% gains from the current price respectively.
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Gerald Fenech
