Dogecoin (DOGE) price has been trading sideways for the past few weeks. The technical analysis reveals that the DOGE price is consolidating at a very key level which puts a major move on the cards. Let’s try to predict the direction of this move for the top dogcoin.
On Tuesday, cryptocurrencies are showing increased volatility as BTC price faced another rejection from $31,000 last night. The pioneering cryptocurrency has failed to break this level despite repeated attempts. Consequently, the Dogecoin price is down 0.41% from yesterday.
DOGE Can Make A Strong Comeback Soon
DOGE failed to gain any traction in the recent memecoin season, which sent coins like PEPE to stellar. Many analysts started to call Dogecoin an old horse due to its inability to join this rally. However, you can never write off this coin, and the DOGE meme-inspired cryptocurrency could be set for a big comeback anytime now.
Dogecoin price appears to be waiting for the next Bitcoin move. Altcoins may experience fresh bids if BTC breaks above $31,000. However, it won’t happen right away and you should wait for the BTC dominance to correct before jumping into any altcoin positions.
Dogecoin Price Prediction July 2023
As evident from the following DOGE price chart, $0.065 is a key level on the chart. A reclaim of this level can push the price above $0.07 where lies the next major resistance on the chart. This won’t be an easy task for the bulls.
For Dogecoin price prediction to flip bullish, the memecoin needs to break out of the downward trend line which is visible on the following chart. This will put another retest of the $0.10 level on the cards. Such a move is only likely of the Bitcoin price action remains positive.
In the meantime, I’ll keep sharing updated DOGE coin analysis along with my personal trades on Twitter, where you are welcome to follow me.
