Dogecoin (DOGE) price is in a consolidation after a major breakout a couple of weeks ago. Since the mid of July 2023, the DOGE coin has been showing a very positive price action. Consequently, the top memecoin is currently trading almost 43% above its June lows.
Altcoins started to recover from their monthly lows on Wednesday as the BTC price retested the $30,000 level. Till press time, BTC was still struggling to break above the key psychological level. Dogecoin also showed a positive price action and was up 1.21% till press time.
DOGE Awaits Next Elon Tweet
Since 2021, the price action of DOGE has remained prone to Elon Musk’s tweets. The tech billionaire is often seen on Twitter casually mentioning the memcoins like DOGE and SHIB. This has led to speculations that the memecoin king could be soon added to the rebranded Twitter, known as X app.
Recently, Elon denied any involvement in creating Twitter’s own cryptocurrency keeping the Dogecoin speculation still alive. This has kept Dogecoin price action volatile in the past few weeks. After a major breakout, the bulls appear to be losing steam, as evident in the chart below.
Dogecoin Price Consolidates Below 200 MA
When I last covered Dogecoin, it had broken above the 200-day moving average. However, the price failed to gain strength above the key moving average and is now consolidating below it. The following chart also shows a breakout from the falling wedge pattern, which usually tends to be very bullish.
My Dogecoin price prediction will remain bullish as long as it remains above $0.065. A breakdown below this level will create a lower low on the daily chart changing my outlook. A lot depends on Bitcoin’s ability to break above the $30,000 level.
In the meantime, I’ll keep sharing updated DOGE coin analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.
