Dogecoin Price Prediction: Upside Momentum Remains Weak Despite Recovery

Dogecoin looks set to end higher for the third straight session. The DOGE/USDT pair currently trades above 0.219 and is higher by 1.84% as of writing.

Yet, bullish momentum remains weak as the active candle has seen low volumes compared to previous days. Price also seems to have stalled just below the June 23 high. The three days of gains have still not reclaimed Monday’s opening price, which puts Dogecoin on the verge of a losing week unless some demand enters the market for this coin.

The impact of Dogecoin’s listing on Coinbase is yet to be felt. Perhaps the coin could have soared to monumental proportions if the listing had preceded the crypto crash of May 2021. However, even as Elon Musk’s support for Dogecoin appears to be waning given his continued silence, co-founder of Ethereum Charles Hoskinson seems to be filling the void. Hoskinson thinks Dogecoin has tremendous potential if developers get on board and work on it.

Dogecoin Price Prediction Outlook

The bounce from the 0.163 price mark transcended the support-turned-resistance at 0.219, with a slight pullback and a bounce securing this level as a support price pivot once more. Further recovery on Dogecoin requires additional buying momentum that takes the pair above the 0.250 psychological resistance (June 23 high) and on towards the 0.301 resistance mark. Only a break above 0.349 (78.6% Fibonacci retracement) allows for a recovery move towards the resistance zone at 0.393/0.434. 

On the flip side, an arrest of the upside move puts the 0.219 support under pressure, especially if the retreat comes off the June 23 high at 0.250. A breakdown of 0.219 brings 0.163 back into the picture. A bearish Dogecoin price prediction of a drop towards 0.061 only comes alive if the 0.163 support gives way.

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DOGE: Daily Chart

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