Dogecoin Price Forecast: Is DOGE Ready For a Bigger Jump?

• 1 Dogecoin price forecast indicates that DOGE is rising from its ashes mimicking a Phoenix.
• 2 DOGE crypto is trading towards 20, 50, 100 and 200-days daily moving averages.
• 3 Dogecoin cryptocurrency has slipped around 8.93% year to date.

Dogecoin price forecast indicates the rise of DOGE from its lowest level and analysts believe it’s preparing for a bigger jump. Meanwhile, DOGE crypto must maintain the accumulation of buyers in order to recover towards the primary resistance of $0.07154. Dogecoin cryptocurrency has fallen significantly after breaking down from an interesting recovery pattern over the daily time frame chart.

Dogecoin crypto price declined more than 24% after slipping out of the rising parallel channel from 13th August to 17th August. However, DOGE managed to gather support from the lower level to recover back. DOGE must avoid getting stuck in the trap of short sellers during its recovery period. 

Dogecoin price was at $0.06395 and has gained 0.27% of its market capitalization during the day’s trading session. Trading volume has increased slightly around 3.51% intraday. This demonstrates that buyers are trying to accumulate to push DOGE upwards. Volume to market cap ratio was 3.17%.

Analyzing Dogecoin Price Technical Indications

Dogecoin price forecast suggests that the recovery phase of DOGE crypto towards the primary resistance level of $0.07154. However, trading volume is below average and needs to grow during the intraday trading session. Meanwhile, DOGE crypto is trading towards 20, 50, 100 and 200-days daily moving averages. Dogecoin crypto must accumulate more buyers in order to surge with a strong upside trend and recover maximum.

Over the span of a week, Dogecoin’s value has dropped by approximately 4.74%, and within a month, it experienced a decline of about 13.83%. Looking at a three-month period, DOGE cryptocurrency has seen a decrease of 9.82%, and over the last six months, the drop has been more significant at 21.03%. So far into 2023, Dogecoin has faced considerable challenges, as its year-to-date loss stands at 8.93%.

Technical indicators suggest sustainability issues of DOGE crypto at the lower end. Relative strength index (RSI) and moving average convergence divergence (MACD) both confirm that DOGE crypto is making its return from the lower level.

RSI was at 36 and is hovering above the oversold territory. The MACD line is moving towards the signal line for a positive crossover. Investors in Dogecoin cryptocurrency need to wait until DOGE crypto reaches the primary resistance level.

Summary

Technical Levels

Support Levels: $0.06250 and $0.060

Resistance Levels: $0.06500 and $0.07154

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.