The Dogecoin price has had a torrid time of late. After reaching dizzying heights of around $0.65 in early May, it crashed spectacularly to the sub $0.20 levels where it remains at present. However, after having dropped to the $0.17 level on 17 July, today has seen a bullish reversal with a jump of 9% to the $0.1867 level. If you haven’t yet bought DOGE, then this How To Buy Cryptocurrency Beginner’s Guide would be a good place to start off.
Short Term Price Forecast For Dogecoin: Recovery On The Way?
We’ve seen a considerable downtrend for the Dogecoin price over the past weeks. Elon Musk has seemingly turned away from DOGE to launch his own pet project, BabyDOGE that has grown by leaps and bounds over the past days. But institutional investors still remain committed to the Dogecoin project, and it should only be a matter of time before the change is felt.
The past few hours have seen Dogecoin quite bullish, and it appears to have bounced back from the $0.17 level. A bullish thesis seems to be in play here with the next resistance levels being the $0.21 and $0.25 marks. If Doge continues to rise above these levels, then a charge to the $0.32 mark would be the next logical step.
A bearish thesis would invalidate this scenario. If Doge drops back to below the $0.17 level, it will then probably test the $0.15 levels of support and could even drop to the $0.12 mark. However, buying pressure will probably not result in a bearish scenario. If you wish to take the plunge and invest in crypto, take a look at these Best Cryptocurrency Brokers.
Long Term Forecast For DOGE: Moving Forward Or Still Retracing?
The Dogecoin price has been quite stable over the past few weeks although the decline has been quite consistent. It has been trapped under a strong declining resistance trend. However, the green shoots of recovery are appearing with a 20% bounce expected in the short term. There is also an indication that bulls are taking over.
DOGE is currently around 55% down since the June 2 high and has been sinking ever since. There have been sporadic attempts by the DOGE bulls to lift prices higher, but this has been met with strong resistance by sellers. This scenario is ideal for a bounce as is now expected.
The Dogecoin price appears to be consolidating on the daily chart. All this is within a descending parallel channel from June 25. This indicates that a breakout is imminent. The trend suggests a 20% move to the upside, settling at $0.238. There needs to be a daily close higher than these levels to confirm that Dogecoin is in a bullish scenario, however.
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Gerald Fenech
