google-news-img

Dogecoin Price Prediction 2023: Will DOGE Rebound from $0.065?

Dogecoin is a crypto coin inspired by a dog joke, created from Litecoin in 2013. It is used to tip and reward online content makers. It has a faithful community, and Elon Musk is a big supporter. It has no cap on supply and a quick block time. It is now worth $0.0652.

Dogecoin coin’s open interest is $221.35 Million, according to Coinglass, and it increased by +1.29% in the last day. The long versus short ratio for 24 hours is 0.9739. The average volume of Dogecoin coin dropped by 4.59%, and it is at $403.12 Million

Dogecoin Price Prediction
Source: www.coinglass.com


The coin performed well this month as it surged by 5.00%. However, the Dogecoin price declined by 17.08% in the past six months, showing weak performance. Moreover, the year-to-date return of the Dogecoin price is negative with a 7.62% fall, and the 1-year performance is also negative with a 3.57% loss of the price.

- Advertisement -

Dogecoin Price Technical Analysis in 1-D Timeframe

As per the Dogecoin coin price action, the coin price has been on a downward trend for eight months, losing around 65% of its value from $0.1584 to $0.0648. The DOGE price has made lower lows and lower highs, and it is trading below all major EMAs, which are acting as resistance levels. The current DOGE price is $0.06490. 

However, the price is in a contraction zone, forming a descending triangle pattern between the upper and lower trendlines. This pattern suggests that the DOGE coin price may break down in the coming weeks.

Dogecoin Price Technical Analysis
Source: DOGE/USD.1D.COINBASE by TradingView

At the time of publishing, the Dogecoin coin price (COINBASE: DOGE) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving averages). The EMAs are acting as hurdles rejecting the price trend. Hence, the coin is expected to move downwards, giving bearish signals over the daily time frame chart.
 

Dogecoin Price Technical
Source: DOGE/USD.1D.COINBASE by TradingView


According to the Dogecoin price prediction, the MACD line at -0.00027 and the signal line at -0.00023 are below the zero line, and a bearish crossover is observed, suggesting a start of a bearish trend for the Dogecoin coin. The current value of RSI is 45.80 points, and the 14 SMA is below the median line at 49.38 points. It seems the Dogecoin price took a rejection from the 14 SMA line. Therefore, the Dogecoin price prediction indicates bearishness for the coin price.

Conclusion

Dogecoin price prediction reveals that the Dogecoin coin price has a bearish sentiment in the 1-D time frame. The price action displays a negative view at the time of publishing. The technical parameters of the Dogecoin price also confirm the bearish trend. The major indicators MACD, RSI, and EMA are showing negative signals and suggest that the downtrend may go on.

Technical Levels:

  • The nearest support: $0.065 and $0.054.
  • The closest resistance: $0.098 and $0.106.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

Our Newsletter

Subscribe to our newsletter to get the latest news and promotions.