Dogecoin Price Prediction: Will $DOGE Price Break $0.1 In June?

Dogecoin Price Prediction: In the daily time frame chart, the DOGE price shows the formation of a falling channel pattern. Over the past seven months, the coin price rebounded twice from the upper trendline and thrice from the lower trendline indicating this pattern is greatly influencing this memecoin. Here’s how interested traders can find long entry opportunities using the chart pattern.

Also Read: Elon Musk Faces Lawsuit Over Dogecoin Price Manipulation

Dogecoin Price Daily Chart

• The area between the $0.0755 and $0.0692 levels stands as a no-trading zone for market participants.
• A breakdown below $0.0692 could threaten the DOGE price for a 20% fall,
• The 24-hour trading volume in the Dogecoin coin is $156.5 Million, indicating a 1.5% gain.

Source-Tradingview 

The dogecoin price is currently witnessing a short-term downtrend within the channel pattern. However, in response to ongoing volatility in the crypto market, the DOGE price takes a minor detour and goes sideways within the $0.0755 and $0.0692 levels.

Anyhow, with the current downtrend, the sellers are likely to breach the $0.0692 support and tumble the prices 20% to hit the combined support of $0.056 and lower trendline. Earlier this year, a reversal from the support trendline triggered a significant upswing witnessed during the January and March months.

Thus, the buyer’s accumulation at the channel bottom may trigger a new bull cycle and push the prices back to $0.095-$0.09.

Will Dogecoin Price Recover to $0.1?

In theory, the falling channel pattern offers a massive rally upon the breakout of its resistance trendline. This potential breakout will significantly improve the buying pressure in DOGE and drive it above the $0.1 mark. However, as the Doge price currently trades at $0.072, an explosive move above the trendline situated at $0.95 is less likely in June until we see a major update.

• Moving Average Convergence Divergence: An evident growth in the MACD indicator slopes reflects the buying pressure is rising with the consolidation phase and therefore, a breakout above the $0.0755 is not completely off the table.
• Bollinger Band: The BB indicator squeezed indicates the DOGE price may soon witness a massive breakdown from the current range formation to determine the potential trend.