- Dogecoin Price Up by around 80% since July 20 low
- Bullish momentum still being seen although pullbacks remain possible
- DOGE could tag the $1 mark by end of year but faces considerable resistance levels
The Dogecoin price has been increasing considerably over the past few days and is in firm bullish territory. DOGE is up by almost 70% from its July 20 low of $0.16 and is just a hair’s breadth from the psychologically significant $0.30 level.
Buyer interest seems to have returned to Dogecoin and it doesn’t look like it has anything to do with Elon Musk’s tweets this time. The Dogecoin price is expected to continue rising in the short term as the mood in the crypto market turns positive.
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Short Term Prediction For Dogecoin Price: More Bullish Upswing Expected
With the Dogecoin price on a roll, more bullish upswing is predicted, at least for the short term. The dog themed meme token should be going for the $0.35 mark if it manages to break stiff resistance at the $0.31 level. One has to note that the rise from the July 20 low has been quite consistent although there were some blips along the way.
A bearish thesis would put all this into jeopardy, however. Some analysts are predicting that the Dogecoin price is in overbought conditions and this could herald a retracement of around 20%. If this were to occur, then Doge would drop to the $0.22 level which would be around the 50 day Simple Moving Average. There was also a Momentum Reversal Indicator Signal that adds further credence to the bearish thesis.
If Doge remains bullish then the price should continue soaring although some pullbacks might materialize on the way. If you haven’t yet bought some cryptocurrency or began trading then take a look at the Top Cryptocurrency Brokers.
Long Term Prediction For DOGE: Is $1 Possible By End Of Year?
Although DOGE may see some slight pullbacks along the way, the road to new All Time Highs by the end of the year is still open. The Dogecoin price has strong support at the $0.24 and $0.22 levels where the next retracement could occur. However, Dogecoin is expected to continue rising in the long term.
And if DOGE is able to retain the $0.296 level, it could continue moving forward where resistance should be encountered at the $0.31 mark. There remain resistance clusters ahead at the $0.32 and the $0.35 mark.
Long term, the Dogecoin price should begin tagging the $0.50 mark in the next few weeks although it is unlikely to reach that level by the end of September. A bullish momentum across all the crypto market could see the push extended even to the $1 level by end of year.
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Gerald Fenech
