Dogecoin (DOGE) Price Prediction 2022: Will DOGE Hit $0.5 This Year?

Dogecoin (DOGE) price has been consolidating since early march in a descending triangle pattern until 20th May when it broke outside the ascending triangle resistance and retraced before surging upwards to $0.1748.

Dogecoin [DOGE] price has been consolidating within a descending triangle pattern since early March. On 20th May, DOGE price broke out of the ascending triangle resistance and briefly surged upwards to $0.1748 before retracing.

According to a recent social media post, this breakout could set Dogecoin up for a 200% price surge in the near future.

The prediction is based on market sentiments, which are at a crucial level. A well-known crypto trader and analyst, Ali Martinez, highlighted this possibility.

Is there any indication of a breakout from the technical analysis?

To gain further insight, AMBCrypto analyzed Santiment’s social volume and weighted sentiment.

Based on these metrics, Dogecoin’s market sentiments appeared to be bearish, much like they were in early March, just before a huge price surge.

This suggests the possibility of a similar price spike in the near future.

Dogecoin’s price surged to $0.18 in early March. This rise coincided with the SEC’s approval of Bitcoin ETFs and a rise in BTC’s price.

At press time, DOGE price was trading at $0.1612, up 1.82% in 24 hours and down 2.25% over the last seven days, according to CoinMarketCap.

According to Martinez, Dogecoin whales had purchased over 700 million Dogecoins in the past 72 hours, to the tune of roughly $112 million.

Additionally, AMBCrypto observed several bullish spikes on the Long/ratio chart over the last 24 hours.

This indicated a strong bull presence in the market, suggesting a Bullish rally.

Dogecoin’s price was seen following an ascending trendline at press time, with three rejections over the last 14 days.

If the price manages to breakout from the $0.16313 resistance level and close above, it could indicate a bullish run to its all time high at around $0.1749.

A Stochastic RSI (16.61) reading also indicated an oversold position in the market, suggesting a bullish correction.

The MACD chart showed a string of bullish bars over the last two weeks. The histogram bars showed a increasing deviation on the bulls’ side.

The most recent bearish histogram bars are diminishing as the MACD line crosses the signal line, indicating a bullish momentum.

These technical indicators, combined with the market sentiments, support Ali Martinez’s tweet regarding a possible 200% price surge.