Dogecoin Price Prediction – Will It Mount News Highs? Analysing The Growth Potential

Dogecoin, which started as a joke crypto project in 2013, has made waves in recent years, transitioning from a meme token to a recognized coin.

It is now among the top cryptos, with a $329,906,233 24-hour market trading volume. Also, at the time of writing, DOGE is currently up by 1.07% in the last 24 hours.

Investors speculate what the coin’s future price trajectory will be, negative or positive. But, the technical analysis of Dogecoin relies on some factors that affect the global crypto market and DOGE’s past performance.

Dogecoin Price Performance (Past and Present)

Dogecoin started the year 2023 with a bullish run which it maintained throughout January to the first week of February. Then on February 9, it witnessed a significant drop in market price.

Within this period, it recorded its highest market price of $0.1000 on February 4, 2023, and lowest price of $0.0788 on February 9, 2023. 

From January to July 3, 2023, Dogecoin recorded its highest market price of $0.1048 on April 3, 2023, and its lowest market price of $0.0538 on June 10, 2023.

Since June 10, 2023, the bears have controlled the Dogecoin market, and the price fluctuated slightly above $0.06038 and below $0.06173 levels between June 11 and June 14, 2023.

To recover their losses, the bulls increased buying pressure on June 15, 2023, pushing the market price of Dogecoin up as it closed at $0.0615 against its closing price of $0.06039 on June 14, 2023.

From there, the bulls took control of the market price until June 24, 2023, when the control switched to the bears. On June 24, 2023, Dogecoin recorded a closing price of $0.06674 against its price of $0.06817 on June 13, 2023.

Dogecoin started the month of July with a bullish run. Its highest market price from the first day of July till date, July 3, 2023, occurred on July 1, 2023, as it closed at the price of $0.0685.

But as of today, July 3, 2023, the Dogecoin market price is at $0.0677 in the control of the bears as of the time of writing.

Dogecoin Could Continue with Its Bullish Momentum

Some indicators in TradingView used for analysis showed that the Dogecoin market price is likely to remain in the bullish trend despite the bears’ actions.

Dogecoin is currently trading on its 50-Day Simple Moving Average (SMA) but below its 200-Day SMA.

This depicts that Dogecoin will likely retain its bullish trend before the day (July 3, 2023) ends, considering its trade above the 50-Day SMA on June 23 and July 1, 2023.

Again, Dogecoin has its Moving Average Convergence/Divergence above the signal line. This consolidates the signal from the SMA that it could retain its bullish momentum.

DOGE’s Relative Strength Index at 54.28 is above the oversold region (30) and below the overbought region (70). This further validates the possibility of the coin maintaining the bullish trend regardless of the present bearish actions.

Dogecoin Resistance and Support Levels

Following the actions in the Dogecoin market behavior, if the bulls increase buying pressure and it breaks the resistance level at $0.0688 (R1), the market price could reach the resistance price level of $0.0746 (R2).

Again, if the bulls hold that bullish momentum, it could break the resistance level of $0.0746 (R2), which could excite investors and take the market price to the resistance level of $0.0821 (R3).

But when the reverse may be the case, the bears could drag the market price from the current trading price of $0.0680 to the support level of $0.0584 (S1).

If the bears retain this bearish momentum, the Dogecoin market price could further clamp down to the support level of $0.0539 (S2).

Note the cryptocurrency market behavior changes owing to its volatility, meaning that the future market behavior of Dogecoin could change from the above prediction. It is, therefore, necessary to do an in-depth technical analysis and have risk management strategies in place before trading.

Experts Predict Dogecoin Market Price

Many crypto analytical experts have predicted the future market price of Dogecoin. Experts at AMB Crypto have predicted Dogecoin’s average, minimum, and maximum market prices for 2023, 2024, 2025, and 2026. 

By 2023, the Dogecoin market price will have an average price of around $0.17, a minimum price of around $0.014, and a maximum price of around $0.21.

By 2024, they also predicted that Dogecoin would have its average, minimum, and maximum market prices be around $.012, $0.096, and $0.14, respectively.

By 2025, DOGE will have a market price of $0.16, $0.12, and $0.19 for its average, minimum, and maximum prices, respectively.

The technical analysts at AMB Crypto also predicted that by 2026, Dogecoin will have an average market price of $0.21, a minimum price of $0.17, and a maximum price of $0.25.

Another group of technical and analytical experts at Changelly also predicted the future market price of Dogecoin. By 2023, they predicted it would have a market price of $0.0829917, $0.079992, and $0.089991 for its average, minimum, and maximum.

They also predicted that by 2024, Dogecoin would have its average, minimum, and maximum market prices at $0.119988, $0.119988, and $0.139986, respectively.

Factors That Influenced Dogecoin Market Price In June and July

Interest in Large Assets Institutions

On June 20, 2023, the global crypto market began a bull run due to the interest of some large assets managing firms in the industry.

These assets managing institutions include Fidelity Investments and BlackRock. As of June 15, 2023, BlackRock submitted an application to SEC for Bitcoin spot ETF. 

Interestingly, Fidelity Investments also applied for the same course. These moves triggered a sudden bull run in the Bitcoin market and caused altcoins to rise in market price.

Dogecoin started increasing in price on June 20, 2023, and closed at $0.06304 against its June 19, 2023, price of $0.06234. This was the day Bitcoin also gained stupendously in market price, closing at $28,327.49 against its June 19, 2023, price of $26,851.03.

Bitcoin Market Behavior

Bitcoin is the mother of all cryptocurrencies. It has always influenced the market behavior of altcoins, of which Dogecoin is among. 

It has been a common phenomenon that when Bitcoin surges in market price, it triggers positive market sentiment in the altcoin market, boosting their prices.

Recently, Bitcoin recorded its highest price since the beginning of this year, 2023, to date, July 3, 2023, at $31,431 on June 23, 2023. If Bitcoin could continue with this momentum, the Dogecoin market price could continue in the bullish trend due to the correlation.

Market Sentiments on Dogecoin Market Behavior

As of the time of writing, DOGE coin market sentiment is neutral in impulse and price score but positive on trading volume, volatility, and dominance. But the sentiment is negative on social and very negative on order books,

This could influence the future decisions of investors on their trading positions, which could make the Dogecoin market price rise or drop.

In June 2023, negative and positive market sentiments affected the general crypto market behavior. These were incited by two notable factors, U.S Securities and Exchange Commission (SEC) legal actions and Bitcoin spot ETF.

The negative market sentiment struck when SEC announced its legal actions on Binance and Coinbase on June 5 and June 6, 2023. The SEC accused the crypto exchanges of similar and individual-specific charges.

On similar charges, SEC alleged both exchanges offered and sold cryptocurrency assets in their trading platforms which it termed securities without registration.

Furthermore, SEC claimed that the crypto exchanges did not register with the commission for the license to carry out clearing and broker functions as the U.S. law of securities demands.

This made Dogecoin drop in market price. As of June 5 and June 7, 2023, it closed at $0.06657 and $0.0673, respectively, below its price level of $0.07247 on June 4, 2023. 

Since then, it traded in the bearish trend and reached a $0.06234 price level on June 19, 2023. The lawsuits could have made investors pull out their investments to avoid more losses. Meanwhile, a positive market sentiment set in when the BlackRock and Fidelity Investments news spread across the market.

The Dogecoin market also gained from the buzz. From June 20, 2023, when the global market bull run started, Dogecoin gained slightly as it closed at $0.06304 against its price of $0.06234 on June 19, 2023.

Since then, it has started a recovery movement to reach its previous price level before the period of negative market sentiment.

Global Cryptocurrency Market Capitalization

The global market crypto capitalization is currently at $1.21 trillion as of writing. 

This gain occurred after several struggles to reach this level, as it has been trading in a bearish parallel channel from April 2023 until June 15, 2023, when it hit the $980 billion support level. 

Since then, the total crypto market cap has been increasing. On July 1, 2023, the total crypto cap passed the resistance level of $1.15 trillion. 

This could create excitement among investors as this movement indicates positivity in the global crypto market. It may also affect the market behavior of Dogecoin positively.