Dogecoin Price Prediction: Will This Relief Rally Hold?

The Dogecoin price is up for the second straight day as cryptocurrency prices stage a major comeback. The joke coin has risen to $0.2220, which is about 34% above the lowest level this week. This recovery has brought the coin’s total market cap to more than $28 billion, making it the 7th biggest coin in the world. 

Dogecoin news. Dogecoin is a popular cryptocurrency that has received a lot of interest among retail traders and wealthy people like Elon Musk. Most of the coin’s holders are speculators who believe that the price will keep rising. Other holders of the coin use it for tipping. 

Like all cryptocurrencies, Dogecoin has underperformed in the past few months after it rose to an all-time high of $0.7400 in May. This decline is mostly because of the rising worries of crypto regulations, high interest rates, and the overall movement to ESG among institutional investors. So, is this the start of a new bullish trend?

Dogecoin price prediction

Turning to the four-hour chart, the DOGE price has been in a deep drop. The coin has managed to drop below the 25-day and 50-day moving averages and the vital support at $0.2815. This was the lowest level on May 30. It is also slightly below the 23.6% Fibonacci retracement level.

In my view, this is not the end of the DOGE sell-off. The end will happen when the price manages to move above the 23.6% retracement at $0.300 and the two moving averages. A drop below this week’s low at $0.1656 will invalidate this trend on the flip side.

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DOGE chart

Dogecoin Price

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