Dogecoin Price Prediction – Why Is Dogecoin Underperforming, Any Chance For  A Bull Run?

Dogecoin, a cryptocurrency that started as a meme-based digital currency, has recently gained considerable attention and popularity. 

Although it sits at #8 on Coinmarketcap, the currency’s price history has been characterized by significant volatility and rapid price fluctuations. 

As with any investment or speculative asset, predicting the future price of Dogecoin can be challenging and subject to various factors. 

For instance, Dogecoin experienced a surge in early 2021, driven partly by social media trends and endorsements from influential figures. 

Also, lately, the price of the asset has been influenced by broader aspects of the crypto industry. For example, Bitcoin, as the largest and most influential cryptocurrency, often sets the tone for the market as a whole. 

When Bitcoin experiences significant price movements, as is happening now, it can impact other cryptocurrencies, including meme coins like Doge. 

With the regulation war on exchange firms quiet but still brewing, analysts are careful to make rash predictions on currencies.  Regardless, with an increase of 14.97% in the coin’s trading volume for the last 24 hours, there’s the likelihood of a surge soon. 

Recent Price Action of Dogecoin

Towards the end of Q1, DOGE price remained between the lines of $0.07 and $0.08. On April 3, it took an upward turn and hit a significant high of $0.1026. 

However, entering the second quarter, the coin’s price steadily dropped slightly, going below $0.072 more frequently. On June 5, at the close of the day, DOGE traded at $0.06657 with a trading volume of $506,101,788.

The coin regained momentum the next day but kept fluctuating till it recorded its lowest market value in 4months at $0.0595 on June 14. This decline in the crypto market didn’t last too long, and in two days, the coin rose back to a $0.06 selling price.  

The price gradually increased, recording its second-highest trading volume of $406,178,282 on June 22. The next day, June 23, DOGE was priced $0.06966 at noon time.  

So far, the coin has experienced a bearish trend, reducing by a few pips at closing time. The price value is currently at $0.06375, trading with a 1.09% decrease in the last 24 hours. However, the trading volume is up by 14.97% as of the time of writing.  

Dogecoin (DOGE) Short-Term Bearish On Technical Analysis

According to the TradingView daily chart, the asset has been following a bearish trendline chart pattern since April 21, when the price broke its previous bullish market structure. This bearish trendline has created a negative sentiment among traders and investors. 

But, there has been a recent shift in the market structure of the asset, indicating a potential trend reversal. This shift suggests that the bearish dominance may weaken, presenting a potential buying opportunity for traders. 

Furthermore, the fact that the asset is currently trading on a trendline support adds further confirmation to the potential trend reversal.  The trendline support acts as a level where buyers step in and prevent further price decline. 

This support level indicates a balance between buyers and sellers and can serve as a critical indicator for traders analyzing the asset’s price movement.

Overall, the combination of the bearish trendline, the persistent bullish presence, the shift in market structure, and the trendline support suggests that the asset may be experiencing a turning point. 

According to the chart, the asset is trading between the middle bands of the Bollinger Bands; it indicates a period of relative price stability and equilibrium. 

Traders often interpret this as a consolidation phase before a potential breakout or reversal occurs. The Moving Average Convergence Divergence (MACD) is currently above the signal line, suggesting a bullish pressure.

This indicates that DOGE is experiencing a bullish sentiment, and it also signals a potential buy opportunity. The histogram bars above zero and showing green further validate the bullish sentiment present in the asset.

Experts’ Short and Long-Term Dogecoin Prediction

Predicting the future price of Dogecoin, whether in the short or long term, is highly speculative and subject to a wide range of deciding factors. 

Short-term predictions for Dogecoin often depend on current market conditions and investor sentiment. Some experts believe that Dogecoin’s price may experience fluctuations in the short term, influenced by factors such as social media trends, endorsements, or market speculation. 

However, in the long term, experts’ opinions vary. While some standby a high growth potential, others express their skepticism, holding onto the volatility of the crypto market. 

According to Changellyblog, within a 30-day timeframe, DOGE has experienced 50% green days and 6.30% volatility in price. The coin is 93% bearish and 7% bullish and is expected to drop as low as 2.32% by June 30. 

Based on this, the short prediction by crypto experts says the trading price may likely reach an average of $0.0651, a maximum of $0.0780, and a minimum of $0.0522 in 2023. 

Over the long term, DOGE is expected to trade at a maximum of $0.21 in 2025. Its lowest price would likely fall at $0.17, with an average price of $0.18. 

By 2030, the maximum price of the coin could be $1.39. The average price will be expected at $1.20 and a minimum rate of at least $1.15. At that time, the potential ROI will be at 2038.5% if an investor buys now. 

Despite the bearish run, the coin is experiencing, CrypoNewsZ predictions have inclined to say that the DOGE asset could soon hit a new all-time high (ATH). 

In the short term, ignoring the sentiments of the market, the maximum price expected in the coin’s 2023 market is around $0.18. The average price is rounded off to a likely $0.13 mark, while the minimum trading rate is expected to stay above $0.074. 

By 2025, the values will be upped a bit. The average price prediction may likely stay at $0.32. The minimum value of the coin is predicted to fall around $0.25, while the maximum price will likely touch $0.39 by the end of 2025. 

Unlike predictions from Changellyblog, the maximum price DOGE is expected to reach in 2030 is $0.82. Its average price is estimated at a $0.69 mark, with a minimum of $0.57. 

By the end of 2023, the 32-man panelists on Finder estimate that DOGE will be priced at a maximum of $0.13. 

They also predict a rise to $0.33 by 2025, and in the long term, DOGE will increase to a maximum price of $0.75 in 2030.    

Possible Factors Responsible for Dogecoin’s Market Fluctuations

There are some factors responsible for the price fluctuations in the Dogecoin market. In diverse ways, these factors have contributed to the red candlesticks seen on the currency’s charts. It also shows that despite its popularity, DOGE is not immune to the crypto market volatility. 

1. Effect of Short-Term Traders

Short-term traders refer to investors who buy DOGE at favorable prices and then sell off anytime they want to. They are mostly paper-hand investors who release assets out of fear or personal necessity. 

Based on detailed on-chain research, this set of people is responsible for the currency’s price declines and fluctuations. 

2. SEC vs Exchange Firms Regulation War

Dogecoin recently passed through the war storm between the United States Securities and Exchange Commission (SEC) and major exchange firms like Binance and Coinbase. The regulation war saw the SEC filing lawsuits against the firms for illegal securities transactions. 

When the media took hold of the news, fear, uncertainty, and doubt (FUD) spread across the crypto community, leading to a decline in the market value of some coins. Dogecoin was one of these coins affected, and since then, its market cap has decreased significantly. 

However, loyalists of the DOGE community stayed fervent in their support which is the reason for the price fluctuations. With time, the likelihood of a bullish run is possible when stability returns. 

3. Market Sentiments

Generally, the crypto market is often driven by the actions of the top coins. Hence, the rise or fall of these coins affects other alternatives. 

For instance, some weeks back, Bitcoin dropped considerably. The effect of this fall forced the price of specific coins in the market to decrease by a few pips. 

Dogecoin, as a spring-off of Bitcoin, has this factor as a possible reason for its price decline. The coin uses the same protocol of consensus and proof-of-work as BTC, validating the effect Bitcoin action could have on it.

What’s the Possibility for the Memecoin to Hit $1?

The speculations are high on the possibility of the meme coin reaching the $1 mark again. The coin is actively trying to return back to its glory days. With its recent stride to surpass resistance level and progress, it’s likely that an exponential surge to happen. 

However, the crypto market is not expecting the rise of the coin so soon. Although business mogul Elon Musk fully backs the project, some holders filed a lawsuit against Tesla alleging DOGE coin price manipulation. 

 With facts checked and historical data analyzed, the closest timeframe for the bullish run to hit an all-time high remains unknown.