Analyst Predicts 66% Surge for Dogecoin: DOGE Price Prediction

Dogecoin (DOGE), the eighth-ranked cryptocurrency, has maintained its upward momentum, trading near the $0.139 mark and hitting an intra-day high of $0.1422 on July 22.

This upward movement propelled DOGE to its highest monthly level, with a notable 19% increase in open interest, reflecting heightened trader participation and speculation.

The bullish outlook for Dogecoin is largely influenced by the overall positive trend in the cryptocurrency market, particularly buoyed by Bitcoin’s renewed strength.

Additionally, the recent rise in DOGE’s value is partly attributed to political developments, including Joe Biden’s announcement of not seeking re-election, which has increased the likelihood of a pro-crypto candidate like Donald Trump gaining traction in the upcoming U.S. Presidential election.

President Biden’s abrupt decision to end his reelection campaign has sent shock waves through the political world. We’re following these extraordinary developments in the United States live from DC @SkyNews #Biden pic.twitter.com/1k7Yw2aEhX

— Yalda Hakim (@SkyYaldaHakim) July 22, 2024

Dogecoin Surges to Monthly High Amid Positive Market Sentiment

Dogecoin (DOGE) reached its highest monthly level on July 20, trading at $0.1427, marking an 18% rise over the past week. This rally resulted in a 19% increase in open interest, indicating heightened trader activity.

Analysts see DOGE’s breakout as a signal of potential further gains, which could also impact other coins like Floki and Shiba Inu. However, caution is advised, as some predict a possible pullback.

$Doge

Moving As Expected & Running In 18% Profit So Far & Now Approaching Towards Falling Wedge Resistance Once Got Cleared Can Move Towards 0.30$ Sharply #Crypto #Doge #Dogecoin https://t.co/UfcIDcBJVp pic.twitter.com/l56FGuk7Z3

— World Of Charts (@WorldOfCharts1) July 20, 2024

The market sentiment has shifted from “extreme fear” to “greed,” reflecting growing optimism. Despite the recent gains, traders should remain vigilant due to Dogecoin’s well-known volatility.

Dogecoin’s 15% Rise Indicates Potential Rally

Dogecoin (DOGE) has seen a significant increase over the past week, with a 4% jump in the last 24 hours, now trading at $0.1340. Despite this bullish trend, the coin’s social volume is up, but overall sentiment remains negative. A bullish falling wedge pattern is forming, which could indicate a potential breakout and a possible 66% rally.

However, some bearish signals, such as a rising funding rate and an increase in short positions, could limit this breakout. Conversely, bullish indicators like the MACD and MVRV ratio suggest a likely upward movement.

Dogecoin’s 15% price rise, combined with the bullish falling wedge pattern, indicates the potential for a 66% rally. However, bearish factors, such as high short positions and rising funding rates, could restrict these gains.

DOGE Price Prediction

Dogecoin (DOGE) is currently trading at $0.13908, reflecting a modest increase in recent hours. The 2-hour chart indicates that the pivot point is set at $0.13582, which is a crucial level for determining market direction.

Immediate resistance is observed at $0.14364, with subsequent resistance levels at $0.14830 and $0.15253. On the downside, immediate support is found at $0.1360, followed by additional support at $0.13012 and $0.12579.

Technical indicators present a mixed outlook. The Relative Strength Index (RSI) is at 63.04, suggesting strong buying pressure. The 50-day Exponential Moving Average (EMA) stands at $0.13056, indicating that the current trend is supported by this moving average.

The upward trendline provides significant support near the $0.1360 level, reinforcing the bullish sentiment. On the upside, breaking the resistance around the $0.1435 level could lead to further gains.

Conclusion: The outlook for Dogecoin remains bullish as long as it stays above the $0.1360 level. A break below this level could signal a shift towards a bearish trend.

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