Dogecoin Price Prediction: Price to Remain Range-Bound

The latest Dogecoin price prediction is for the price of the asset to remain range-bound for some time. There has been nothing from the Doge universe for some time, and chief promoter Elon Musk appears tied up with some other business. The days of the 12,000% price appreciation are starting to look distant, as the DOGE/USDT pair has been unable to pick up significant traction following the massive crash in May. 

Dogecoin’s price movements have been pushed more by Elon Musk’s memes and tweets surrounding the token. Dogecoin is badly in need of some more of Musk’s injections. But the question

is: has the market started to price out this factor in favour of more critical fundamentals (which Dogecoin seems to lack at the moment)?

The Dogecoin price prediction is for traders on the pair not to take undue risks. Waiting for more action from Musk’s end could be the end-game for now. With nothing coming from that angle just yet, DOGE/USDT may see price trading between the boundaries formed by the support at $0.30 and the resistance at $0.35.

Technical Outlook for Dogecoin

The Dogecoin price prediction from the daily chart of the DOGE/USDT shows the presence of a support level at 0.30. Price has tested this price level several times without breaking below it. The daily candles are now turning north with their sights set on the 0.34 resistance level. A break of this resistance opens the gateway towards the resistance zone’s floor at 0.39. This resistance zone is the only barrier before the previous resistance at 0.55, seen at the 50% Fibonacci retracement from the swing low of 11 April to the swing high of 8 May.

On the flip side, the corrective decline continues if price breaks down the 0.30 support, with 0.24 and 0.21 forming additional targets to the south.

Don’t miss a beat! Follow us on Telegram and Twitter.

Dogecoin; Daily Chart

Follow Eno on Twitter.

Related Posts: