Dogecoin Price Prediction: DOGE Meme Coin Holds Its Important Support Of $0.265!

The price of Dogecoin has dropped ~1% in 24 hours with a trading volume of $2.886 billion, a change of -53.36%.

Cryptocurrency market has shown an increased uncertainty over the last few days, indicating an increase in the buying-and-selling pressure in the crypto market. Memecoin market has recorded the highest price action with major tokens displaying a constant volatility.

This has left investors curious with questions like is this a good time to invest in Dogecoin? Moreover, investors are concerned about another potential crypto crash this week! In this article, we have covered the market sentiments and a short-term Dogecoin price analysis.

DOGE Meme Coin Holds Its Important Support Of $0.265!

Dogecoin price today is trading at $0.26673, which showcases a decrease of about 1% in 24 hours, and a change of -53.36%, with a trading volume of $2.886 billion. It has lost 18.24% in the last seven days and 30.81% in 30 days. It is currently ranked 08th in the market, with a market capitalization of $39.63 billion.

On the technical aspect, the Moving Average Convergence Divergence (MACD) records a constant decline in the red histogram with its averages recording a similar price action in the daily time frame. This highlights an increase in the selling-over-buying pressure for the largest memecoin in the market.

On the other hand, the SMA indicator continues acting as a resistance to the Dogecoin price chart, suggesting that the meme coin may continue losing value in the upcoming time.

Will DOGE Price Ever Recover?

Maintaining the price above its support level could set the stage for this memecoin to retest its immediate resistance level of $0.325. Furthermore, if the bullish sentiment sustains, the price of DOGE token could head toward its upper resistance level of $0.385.

On the contrary, if the bears outrun the bulls, the Dogecoin price could breakdown its important support level of $0.265. Moreover, if the bearish sentiment intensifies, this could result in it plunging toward its crucial support level of $0.20750 in the coming time.

Planning on investing in the largest meme coin before the memecoin mania kickstarts? Read our latest Dogecoin Price Prediction today!

FAQs

Considering the circulating supply of this memecoin and the present market sentiments, it is highly unlikely for this memecoin to achieve the $100 milestone.

If the bullish sentiment sustains, this meme coin could surpass the $1 mark this year.

At the time of writing, the value of one DOGE coin was $0.26673