Dogecoin Price Prediction: Bullish Momentum Despite Pullback Risk
- Dogecoin is showing renewed bullish momentum amid high trading volumes and growing market interest.
- It’s currently trading at $0.2235, with a forecasted short-term pullback to around $0.2061 by early August.
- While minor corrections may occur, technical indicators suggest a potential rise toward $0.25 and beyond soon.
Dogecoin (DOGE) is trading at $0.2235 currently, with a 24-hour high volume of $5.53 billion and a market cap of around $34.25 billion. The last 24 hours have witnessed DOGE’s price increase by 4.82%, symbolizing the renewed interest and momentum behind the popular meme cryptocurrency.
Dogecoin soars today after reports came out that former President Donald Trump signed an executive order making it possible for cryptocurrencies and other non-traditional assets to be included in 401(k) retirement plans, a move that could significantly expand the market for digital assets.
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Dogecoin Hits Key Buy Zone Ahead of Breakout
Prominent crypto analyst Ali Martinez has pointed out Dogecoin’s current location inside a historically significant buying zone. According to his analysis, DOGE is trading inside a long-standing ascending channel that has been known to precede major bull runs.
Martinez points out that the identical chart structures were seen in the years 2017, 2021, and early 2023, all leading to explosive upswings on the upside. His analysis points to the current price level being another potential springboard on the upside for a good breakout.
The overall technical setup for DOGE remains bullish in the short and long term. The cryptocurrency, therefore, remains stable above the major psychological level of $0.20, a level closely monitored by traders as a floor.
Market observers believe that with trading volumes remaining high and the overall macroeconomic sentiment not worsening, there is potential for an upswing to $0.25, and possibly beyond, in the short term.
Overall, while a minor cooling-off period could be imminent within the next few days, the wider chart configuration for Dogecoin, together with analysis by specialists, would indicate the cryptocurrency could be preparing for a major breakout.
