Dogecoin price prediction stays bullish for the short term but uncertainties will remain high. The frequent surge in price makes this crypto more volatile and one of the most favorite cryptos for speculators.
DOGE price performed really well in the last two months and rewarded the long-term investors. It took support near to the $0.07000 and began to recover by forming higher high candles.
Meanwhile, the trading volume also surged and positively impacted the price. It is an indication that either speculators are active or some genuine buyers have injected the money. If the buyers succeed in holding the higher levels, it will be clear that the bulls are getting back on track.
The 50-day and 200-day EMAs are pointing north, denoting an uptrend. Furthermore, the next phase of the rally will trigger when buyers can take control of the $0.10720 supply zone.
At present DOGE price retraces back to the 50-day EMA and buyers trying their best to rebound and show its presence. Currently, the pair of DOGE/USDT is trading at $0.09225 with a one-day downtick of -2.88%.
Dogecoin Price Prepares for Another Attempt of a Breakout
Dogecoin price prediction suggests this meme coin might perform well in the short run and is likely to show a bounce from EMA support.
The chart pattern of this crypto is turning bullish and suggesting that new swing highs are possible. However, if the situation reverses and the price slips below the 50-day EMA, a 10% to 15% decline is also possible.
On the lower side $0.07000 level may act as a demand zone so the downside risk will remain low until the bear takes full control.
The analysis suggests, the DOGE crypto price is trading at attractive levels and looks undervalued. So, it is a good pick for the short term.
What Does DOGE Price Behavior Convey Us?
DOGE price may turn out to be a good pick for the short term but the question is will it perform in the long term?
By analyzing the price behavior of this meme coin, until it breaks out of the $0.20000 hurdle, the sellers will remain active. Sellers may come forward to pull the price downward at any given time.
So, long-term investors should avoid investing hard-earned money in DOGE and look for better alternatives.
Conclusion
Dogecoin price prediction is mildly bullish for the short term and likely to show a bounce back from EMA. However, for the long term, DOGE might not be a good pick and investors may be disappointed.
Technical levels
- Resistance levels: $0.10702 and $0.12000
- Support levels: $0.08628 and $0.07108
