Dogecoin Price Prediction: Analysts Say DOGE Could Surge to $3.40!
Dogecoin (DOGE) experienced a significant price increase of 6.6% on July 7, bringing its value up to $0.1743 with a market capitalization reaching $26.15 billion.
According to market analysts, the surge in Dogecoin's price is due to accumulation by whales and increased participation from retail investors. DOGE's trading volume has now grown to 4.59% of its market capitalization, a percentage considered highly unusual.
Bearish Signals Dominate Despite Bounce Potential
Although Dogecoin recorded an increase today, technical analysis shows that market conditions are still in a bearish scenario, according to a post by a crypto analyst on platform X.
The price of DOGE briefly dropped to $0.17196 after recently reaching a recent high of $0.3515. The bearish trend score of -44 and the StochRSI indicator showing an overbought condition indicate the potential for a pullback, which serves as a warning for traders hoping for further increases.
The main resistance is at $0.2271, in line with the bearish SuperTrend signal, while immediate support is located around $0.150.
If the price falls below this zone, further declines could occur, pushing the price closer to the long-term bottom level around $0.13. Failure to maintain a position above this support level could lead to a longer bearish phase.
The Average Directional Index (ADX) is at 23.78, indicating a weak trend, and the Relative Strength Index (RSI) at 50.52 shows market direction uncertainty.
Analysts Predict Dogecoin Could Surge Above $3.40
DOGE is still moving in a descending wedge pattern on the daily chart since reaching the $0.48 area. Even though the price briefly declined, the long-term support level at $0.13 remains intact
