MEXCDogecoin Price Forecast: Can DOGE Bulls Score A 99% Breakout?
Highlights
- DOGE's 24-hour trading volume spiked 43%, signaling increased investor interest.
- A falling wedge chart pattern predicts a potential 99% breakout.
- DOGE's price has been mainly sustained by Elon Musk's occasional endorsements.
Dogecoin price forecast: The price of DOGE spiked by 4.4% to trade at $0.126 during European business hours on Monday. This increase comes after Bitcoin bounced from a crucial support level and began an uptrend.
An interesting pattern is forming on the Dogecoin chart, hinting at a potential 99% breakout in the coming days.
Dogecoin Price Forecast Hints at a Rally to $0.27
DOGE price has begun moving up recently in line with Bitcoin’s recovery. Dogecoin has been in a falling wedge since the March mini-bull run when it surged to $0.22. However, this multi-month pattern is nearly coming to an end and it promises the chance of a 99% breakout.
The DOGE 14-day relative strength index (RSI) is at 43 and currently headed up. If it breaks above the midpoint level, the DOGE bullish momentum may increase, propagating further upside movement to $0.27.
The recent Dogecoin price run-up has brought it near the 50-day and 200-day simple moving averages (SMA) but it is still trending below them. Consequently, these two indicators provide some resistance for the asset’s price around $0.139 (50-day SMA) and $0.131 (200-day SMA). If the DOGE price managed to break above them, the meme coin may break from the falling wedge and break the yearly high of $0.22
On the flip side, the price of DOGE is hovering at the 0.786 Fibonacci retracement level. The DOGE price action has tested this zone three times in the past four months, making it a robust support level. A bounce from this level could catapult the Dogecoin price to the 0.27 Fibonacci extension level around $0.27.
Dogecoin’s 24-hour trading volume recently spiked 43%, according to CoinGecko data, indicating a recent rise in market activity.
Will DOGE Reclaim $0.73 in H2 2024?
Crypto enthusiasts and traders seem to believe the DOGE price can reclaim previous all-time highs in 2024.
Javon Marks, a crypto analyst on X (formerly Twitter), posted his Dogecoin prediction, calling for a 404% run to reach the previous all-time high price.
$DOGE (Dogecoin) and its next leg up towards the current breakout target @ $0.6533 may be a matter of time and prices could be preparing here for a break above!
As of current, with a price breakout holding, a roughly +404% run to reach this target can be loading… https://t.co/Uy2g7WC1PV pic.twitter.com/m4PiVm3SVx
— JAVON⚡️MARKS (@JavonTM1) June 30, 2024
Doge price has mainly been sustained by Elon Musk’s occasional calls and associations with the digital currency. A couple of months ago, DOGE’s price surged after Tesla officially included it as one of the payment methods.
Checking the price of $DOGE after Tesla,
SpaceX, and 𝕏, start accepting payments 💸 pic.twitter.com/VCMXnzjb8A— Tesla Model Ðoge (@TeslaModelDoge) June 29, 2024
Consequently, the crypto space has been speculating that SpaceX and X may eventually announce using DOGE as a mode of payment.
Bottom Line
Dogecoin’s price forecast points to an exciting potential for a staggering 2X breakout, signaling robust bullish momentum. This remarkable projection aligns with DOGE’s history of making significant moves and captivating the crypto community.
Frequently Asked Questions (FAQs)
1. Does Elon Musk own Dogecoin?
2. How old is Dogecoin?
3. Is Dogecoin bigger than Pepe?
- Crypto Market Tumbles as Jerome Powell Says December Rate Cut ‘Far From Certain’
- FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year
- WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
