DOGE Price Prediction: Is a 30% Upswing Imminent?
Key Insights:
DOGE has rallied 55% since June 13.
A breach below $0.049 would invalidate this uptrend.
The coin currently ranks tenth in the list of cryptocurrencies worldwide by market capitalization.
Dogecoin, the meme-inspired coin created by Jackson Palmer and Billy Markus in 2013 to satirize the momentum surrounding cryptocurrencies, has rallied 55% since June 13.
DOGE‘s price reconquered a $0.7 zone in the last 24 hours. However, a breach below $0.049 would invalidate this uptrend.
Recently, the coin made the headlines when investor Keith Johnson filed a class-action lawsuit in federal court against Elon Musk for $258 billion, alleging that he used a pyramid scheme to promote Dogecoin.
Musk has been a public advocate of the memecoin, announcing that electric carmaker Tesla will allow people to buy select brand merchandise using DOGE, with SpaceX to follow suit.
Price Action
The coin is currently trading at $0.078059 and ranks tenth in the list of cryptocurrencies worldwide by market capitalization.
The current bullish engulfing candle that saw DOGE breach the $0.07 barrier could be part of an expanding flat B-wave pattern.
Many wait with bated breath to see if a recovery above $0.820 leads to a 30% rally to the $0.1090 price level, with some market commentators even suggesting that the memecoin could triple its price this month.
Notably, if bears manage to breach the $0.049 level, it could lead to a sell-off into the $$02 level.
On June 24, DOGE printed an impulse wave up, which stood in contrast to its June 19 lows of $0.048.
Technical Indicators
While Dogecoin may have surged 55% recently, technical analysis shows that short-term sentiment on DOGE is neutral, with 16 indicators displaying bullish signals compared to 16 bearish signals at the time of writing.
The daily simple and exponential moving averages (EMA) are giving mostly buy signals. The relative strength index (RSI) stands at 57.
An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.
In terms of a Dogecoin crypto price prediction, DOGE could see its price rising to $0.0713 by July 2022, reaching $0.184 in January 2024 and hitting $0.267 by January 2025.
This article was originally posted on FX Empire
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