Dogecoin price prediction: DOGE is considering a 30% lead
- The price of Dogecoin has retraced 50% from its May 8 peak at $ 0.739.
- A decisive close above $ 0.45 will confirm the uptrend.
- After a rally above $ 0.45, if DOGE drops to $ 0.380, the bullish thesis will be invalidated.
The Dogecoin price is currently in a no-trade zone per se and shows no apparent bias. The 71% drawdown was reduced to 50% after the recent recovery. However, a confirmed bullish bias has not yet developed.
Dogecoin Price Awaits Breaking Critical Level
The price of Dogecoin retraced 50% from $ 0.739 on May 8 to its current level of $ 0.374. Despite such a massive correction, DOGE rivals higher highs. A 20% rise 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 price of Dogecoin could either rise to test old highs again or continue to fall.
A break above $ 0.739 will signal a massive trend change in favor of the bulls. If that happens, Dogecoin price needs could consider a 25% advance to $ 0.560 or a 32% increase to $ 0.597.
While unlikely, if bullish momentum persists, the memes-themed cryptocurrency may even rally to retest all-time high at $ 0.740.
DOGE / USDT 12 Hour Chart
The bullish thesis is based on a central assumption that the Dogecoin price creates a swing above $ 0.739. However, investors should be prepared for a drop that again tests key support levels if DOGE faces a rejection at that level.
In such a case, a drop of 15% to $ 0.380 seems likely.
A breach of this barrier could result in a sell off of 13% to $ 0.331, coinciding with the 70.5% Fibonacci retracement level.
Under bearish conditions, the decline could extend as far as $ 0.282, or around 37% of the 50% Fibonacci retracement level.