Our Dogecoin price prediction might become very bullish if the ongoing breakout gets some confirmation. At the time of writing, DOGE coin is trading at $0.068 after gaining 0.8% within the last 24 hrs. The price is still 90.7% down from its all-time high of $0.73 that the top memecoin made in May 2021. Nevertheless, it is still 11th biggest cryptocurrency, with a market cap of more than $9 billion.
DOGE hype peaked in the 1st half of 2021 as the tech billionaire Elon Musk started to tweet about the memecoin. The coin was forsaken by even one of its founders and found a new life as Gen Z rushed to buy on crypto exchanges. This influx of fresh capital pumped the Dogecoin price to stellar as the coin also featured on the iconic Saturday Night Live TV show.
As per Dogecoin news today, its community has tracked down an alleged Ponzi scheme by tracking unusual transactions on the blockchain. The transactions were tracked to a wallet held by Huilo Invest LTD HYIP.
Dogecoin Price Prediction
Technical analysis of DOGE USD price chart shows that the price has broken out of the symmetrical wedge on daily timeframe. Currently, price is retesting the downwards trendline after the breakout. In case of a successful retest, price could soar to $0.098 level within the near term. This would be almost a 45% price increase from the current price.
Despite a breakout on daily timeframe, there hasn’t been an increase in volume. It is also worth mentioning that the above Dogecoin price prediction also depends on the Bitcoin price action. If BTC price fails to hold current levels, a corresponding correction in DOGE is also quite likely.
You can buy the top memecoins on crypto exchanges like Binance, Kucoin and Coinbase. If you’re buying Dogecoin for a swing trade, a nice stop-loss might be the $0.06 price level.