TL;DR Breakdown
- Dogecoin price prediction remains highly bullish amid social media push
- DOGE/USD remains stuck in tight range within Bollinger Bands
- Price momentum of DOGE unable to cross $0.3100 decisively
It seems like meme-inspired cryptocurrency Dogecoin can’t stay out of the news. Every other day, crypto fans are greeted by one or the other news related to Dogecoin’s meteoric rise. Just in April alone, the cryptocurrency has risen by more than 500 percent. Such a rise is staggering even by cryptocurrency standards. We have ‘Doge Day 420’ where fans want to push the crypto’s price to the moon on 20th April by incessant buying.
What triggered the ‘Doge Day 420’ campaign, and what impact did it had on the Dogecoin price? Well, for starters, the volatility did not materialize much into a serious price rise. The DOGE/USD has risen considerably in January only to see more ferocious price action in April. It rose to touch $0.45 all-time high amid highly viral social media posts. Currently, massive expectations to touch $1 are driving the exponential rise in volumes and resulting in a conflicting Dogecoin price prediction.
Dogecoin price prediction seems to be perennially in the bullish territory. Now, investors have to question for how long will social media frenzy drive the already-meteoric price rise.
Dogecoin price movement in the last 24 hours: Volatility rises, but price remains predictable
Dogecoin surges are primarily based on social media viral posts. While DOGE was launched for fun, the viral publicity is pushing the boundaries for the real-world applicability of the project. The practical usage is similar to other cryptocurrencies, but the potential hasn’t been fully exploited yet. The highly volatile nature of Dogecoin is reflecting in the coin’s latest movements and Dogecoin price prediction as well.
In the last 24 hours, the DOGE/USD is oscillating between $0.2892 to $0.3467 as per Dogecoin price prediction analysis. The contracting Bollinger Bands are further squeezing the rising price channel. Also, the fall from $0.4400 highs has been swift, mimicking the consolidation in other altcoins as well. The DOGE/USD pair moves in line with the broader crypto market as far as this week is concerned.
The volume data has had minimal impact from ‘Doge Day 420’ despite the surge in liquidity. The past week’s 400 percent rally has made the Doge market cap touch the $50 billion mark and is now bigger than Ford Motor Company. The market cap is fast approaching Twitter, and the surge is likely to continue in the coming weeks. Yesterday’s 20 percent fall has reduced the market value since profit-booking is hurting the bull run.
DOGE/USD 4-hour chart: Minor correction before the resumption of bull run
After skyrocketing about 8,030 percent in 2021, Dogecoin is all set for some cooling down. The hourly charts clearly show minor correction as the price touches $0.2701 lows. The sharp rise of the past week warranted some cool down before the next bull run starts. As per the Dogecoin price prediction, the pair is consolidating and waiting for a more precise future trajectory.
Bulls are waiting for lower support pivots to come into play before buying more DOGE. The desire to push DOGE/USD beyond $1 comes courtesy of die-hard Doge fans who are fuelling the trend on Reddit and Twitter. The RSI on hourly charts is at 47 level with a downward bias. The MACD is also showing a descending slope. Stochastic RSI is also giving neutral signals. Thus, there can be more pain in the store for Doge fans according to Dogecoin price prediction.
Dwindling volumes mean that Dogecoin bulls will have to buy bulk to create a bull run on the hourly charts. The price action has to break out from the Bollinger Bands and closes the day above $0.3580 to mark the beginning of a new bullish trend. The price channel is no more sloping upwards on the hourly charts.
Dogecoin price prediction conclusion: Will the joke coin ever touch $1
Dogecoin’s celebrity endorsements are pushing the boundaries of a social-media fuelled price rise. However, it remains to be seen whether the price will sustain the current gains and how long. Unless Dogecoin finds more acceptance in the traditional finance and mainstream monetary channels, the price rise can fizzle out quickly.
There is serious resistance at $0.50 that can trigger panic selling. It would require much more than just celebrity endorsements and social media campaigns to cross the $0.50 mark. If dreams do come true and the price manages to climb beyond $1, the next significant resistance lies at $10.
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