Dogecoin (DOGE) Price Prediction: Will DOGE Set a New ATH or Disappoint Investors?

After a massive weekly rally, Dogecoin [DOGE] disappointed investors as its price dropped in the last 24 hours. Nonetheless, the memecoin was still on track to test its all-time high.

Dogecoin [DOGE] had a stellar week as its price shot up by over 20%. However, the last 24 hours saw a slight correction as DOGE’s price dropped by 5%. Despite this, the memecoin was still set to test its all-time high.

Here’s a closer look at DOGE, its price, and what investors can expect next.

Dogecoin’s price dropped by 5% in the last 24 hours, leaving investors expecting more as its price was still far from its all-time high. However, the memecoin did show signs of testing the upper limits of its price range.

At press time, memecoin was trading at $0.4373, making it the seventh-largest cryptocurrency.

MilkyBull Crypto, a popular crypto analyst on X, recently posted a tweet about DOGE’s price. The tweet revealed that DOGE was close to its all-time high.

One気になる X user commented on the post, asking what the chances were of DOGE reaching $5. MilkyBull Crypto responded by saying that it was unlikely. However, the comment also stated that anything could happen.

Dogecoin’s triaging volume dropped by 15% last week. This was a good sign, as a decline in volume during a price drop usually indicates a bullish trend reversal.

However, DOGE’s Weighted Sentiment declined, indicating rising bearish sentiment around the memecoin.

Another positive metric was Open Interest, which dropped along with its price, indicating an impending trend reversal.

However, DOGE’s Funding Rate increased, indicating that derivatives investors were actively buying the memecoin at its discounted price.

An AMBCrypto analysis of Dogecoin’s daily chart showed that its price was moving within an up-channel and at press time, it was testing the pattern’s resistance.

The MA Cross indicator showed a clear bullish advantage in the market, suggesting a successful breakout. If this happens, DOGE testing its ATH could become a reality soon.

However, even if the memecoin does go past its ATH, there is still a chance of a correction after that.

If the price is discovered, investors may again see DOGE drop to $0.367 after setting a new ATH.

Dogecoin’s price may not test its ATH for some time. This was evident as the fear and greed index entered the “extreme greed” phase.

Whenever this happens, it indicates that the chances of a price correction are high.