Crypto

Dogecoin Price Prediction: DOGE with 30% Leadership | Cryptocurrency – NetCost and security

  • Dogecoin is down 50% from its May 8 peak of $ 0.739.
  • A decisive close above $ 0.45 will confirm the uptrend.
  • After rising above $ 0.45, if DOGE falls to $ 0.380, the bullish thesis will be overturned.

The Dogecoin price is currently in a no-trade zone as such and shows no obvious bias. The drawdown has been reduced from 71% to 50% after the recent recovery. However, there is no confirmed bullish bias yet.

Dogecoin price awaits a critical level

Dogecoin price dropped 50% from $ 0.739 on May 8 to the current level of $ 0.374. Despite such a large-scale correction, DOGE is making higher highs. A 20% rally to retest the 50% Fibonacci retracement level at $ 0.739 seems like a no-brainer for the coin itself.

Depending on how events unfold here, the Dogecoin price may either rally to test old highs again, or continue to fall.

A break above 0.739 would signal a major trend reversal in favor of traders. If that happens, the need for Dogecoin price could be increased by 25% to $ 0.560 or 32% to $ 0.597.

While it’s unlikely that if the bullish momentum continues, the meme-themed cryptocurrency could even rally to retest the all-time high at $ 0.740.

DOGE / USDT 12-hour chart

The bullish thesis is based on the central assumption that the Dogecoin price is creating a swing above $ 0.739. However, investors should be prepared for a dip that will test key support levels again if DOGE encounters a rejection at that level.

In such a case, it seems likely that it will fall 15% to $ 0.380.

Breaking this barrier could result in a 13% sell-off to $ 0.331, which coincides with the 70.5% Fibonacci retracement level.

In bearish conditions, the decline could reach $ 0.282, or about 37% of the 50% Fibonacci retracement level.

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