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Dogecoin Price Prediction – DOGE Eyeing a 50% Surge To This Key Level

Dogecoin
Dogecoin

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DOGE, the cryptocurrency that powers the Dogecoin payments blockchain, has pulled back from earlier session highs in afternoon US trade. DOGE/USD was last changing hands around $0.1020, about 7% below versus earlier session highs. However, the cryptocurrency is still up about half a percent on the day, about 3.5% on the week and well over 40% versus its earlier monthly lows around $0.07.

Dogecoin
DOGE/USD eases back from earlier highs, but still well up versus monthly lows. Source: TradingView

Sentiment in the broader cryptocurrency space remains buoyant, with bitcoin up close to 3% and ethereum close to 5% in the last 24 hours as per CoinMarketCap. But other major cryptocurrencies have also eased back from highs in tandem with a subdued feel to trade across traditional assets as macro investors await an important upcoming speech from the Chairman of the Federal Reserve Jerome Powell.

Dogecoin Technicals Looking Bullish

Looking at Dogecoin from a technical standpoint, the cryptocurrency remains in a short-term uptrend, which is keeping near-term price predictions bullish. The dog meme-inspired cryptocurrency continues to find support from the double bottom it formed earlier this month in the $0.07s, when the bulls twice kept prices from dipping under the 200-Day Moving Average (currently at $0.0727).

Dogecoin
DOGE/USD recently found strong support at the 100 and 200DMAs. Source: TradingView

If Dogecoin can remain supported above the current uptrend, it stands a decent chance of rallying back to its recent pre-FTX collapse early November highs around $0.16. Back in late October/early November, Dogecoin surged 160% in a matter of days on speculation that new Twitter CEO Elon Musk might integrate Dogecoin into a future Twitter payments system. Things have gone quiet on that front in recent days, but anticipation is still there. Musk is a known fan of the dog-inspired coin and owns a Shiba Inu himself (the specific breed of dog that Dogecoin is based on).

Dogecoin
DOGE/USD in an uptrend and eyeing a return to $0.16. Source: TradingView

Can DOGE Surge 50% to $0.16?

As long as anticipation for a Dogecoin/Twitter integration remains healthy, Dogecoin bulls could easily remain in control, meaning a 50% surge to the $0.16 level remains a distinct possibility. Of course, flows across broader cryptocurrency markets will also need to give a helping hand.

Most major cryptocurrencies remain well below their pre-FTX collapse highs. As mentioned, DOGE will need to surge around 50%. Bitcoin is down about 20% and Ethereum is down about 22%. But there is every possibility that these major cryptocurrencies could recover in the week ahead.

In traditional asset classes, clear signs of inflation having peaked in the US and elsewhere around the world has led to an easing of financial conditions (higher stock prices, lower bond yields and a weaker dollar) in recent weeks, as traders scaled back on Fed tightening bets. The Fed has signaled that while it still expects to lift interest rates further, it will do so at a slower pace.

Fed Chair Powell’s upcoming speech underscores this message. Meanwhile, data out later this week is expected to show 1) US core price pressures easing, 2) the US manufacturing sector stagnating and 3) the pace of US job gains slowing – all reasons to support the Fed’s less aggressive stance. This could mean that financial conditions continue to ease in the coming weeks.

The FTX debacle has distracted crypto markets from the improving macro picture. But as traders/investors realize that the future prospects of transparent, decentralized blockchain protocols like bitcoin, ethereum and Dogecoin don’t have much to do with FTX (a centralized, opaque company more similar to that seen in traditional finance), beyond their tokens being traders on the platform, confidence might return to the cryptocurrency market.

Versus stock prices, crypto prices are unusually low. A bitcoin recovery to $20,000 could be a catalyst for a Dogecoin rally back to $0.16.

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