Dogecoin (DOGE) Price Analysis: Can it Break Present Trendline? Despite Market Struggles, Analysts Remain Bullish

Dogecoin (DOGE) has been in a bearish trend, forming lower lows and highs after slipping off the $0.16 threshold on June 12. The downtrend continued this month

Dogecoin (CRYPTO: DOGE) has been on a downward spiral lately, forming lower lows and highs after slipping off the $0.16 threshold on June 12.

The downtrend continued this month, with DOGE briefly dipping below $0.1 on July 5. While DOGE has slightly rebounded above the $0.1 threshold, it still trades below significant price levels, with substantial selling pressure limiting its ascent.

DOGE trades around $0.108, with a 1.2% 24-hour decline and over a 25% price drop in the last 30 days. Moreover, over the past seven days, DOGE has decreased more than 11%.

Despite Dogecoin’s struggles, market participants remain hopeful; some believe DOGE is on the verge of a major bullish breakout. But can Dogecoin overcome the prevailing bearish momentum to hit the $0.17 target? Let’s explore the possibilities.

DOGE Price Analysis: Can it Break Present Trendline?

Dogecoin (DOGE) has formed a bearish trendline since June. It is approaching the upper side of the trendline, and a break above this line could indicate a bullish reversal. However, most technical indicators paint a bearish picture.

The RSI stands at 38, indicating an oversold market. While this shows massive selling pressure, it could also lead to a price reversal if buy-the-dip investors enter the market.

DOGE’s price is in the lower Bollinger Band, which usually suggests bearishness, but it can also indicate a possible reversal. The MACD histogram bars are shrinking, suggesting that bearish momentum is weakening. The price remains below the 50-day and 200-day SMAs, showing that the bears are in charge.

The indicators show mixed signals; a trend reversal is possible but not guaranteed. But if Dogecoin eventually breaks above the trendline, it could push to the $0.17 target. Intense buying pressure is required to achieve this.

Analysts Bullish on Dogecoin: Price Could Surpass $1

Crypto experts are optimistic about Dogecoin’s potential rebound. A prominent analyst, Big Mike, recently predicted that DOGE could exceed $1 in this bull cycle.

Mike based his projection on the Elliott Wave theory. In his analysis, he indicated that Dogecoin has completed a corrective phase and is entering a new upward phase.

$DOGE / $USDT possible count into 2025 pic.twitter.com/ua71Njnklm

— BigMike7335 (@Michael_EWpro) June 30, 2024

Big Mike noted that Dogecoin (DOGE) is about to start a new five-wave uptrend. According to him, the third wave of this pattern is often the strongest and could push Dogecoin’s price significantly higher.

Furthermore, the analyst points out an ascending channel on DOGE’s chart, which supports the coin’s bullish outlook. He used Fibonacci extension levels to identify potential price targets, suggesting that DOGE could reach new highs.

The Volume Profile Visible Range (VPVR) also supports this bullish view. It shows minimal resistance above current price levels. Consequently, this lack of resistance could allow for rapid price increases if DOGE breaks current barriers.

This bullish analysis has excited many Dogecoin supporters, offering hope for significant gains in the coming months. While the market remains uncertain, this bullish analysis provides a positive outlook for DOGE.

Analyst Predicts 10x Opportunity for DOGE Amid Market Chaos

Another analysis suggests Dogecoin (DOGE) could present a significant investment opportunity. This analysis shows DOGE has retraced to the 88.6% Fibonacci level, indicating it might be at a critical turning point.

$DOGE Primary Macro Analysis#DOGE presenting a 10x opportunity? In the midst of chaos, there may be opportunity. DOGE has done a full retracement into the 88.6% Fib lvl. This is a ride or die coin at this point, and the only way to count the larger degree wave 4 is a triangle. pic.twitter.com/XwiFeqfIWx

— XForceGlobal (@XForceGlobal) July 8, 2024

The analyst describes the current market setup as a “ride or die” situation for the coin. It noted that DOGE’s larger degree wave 4 formed a triangle pattern, suggesting a breakout could happen soon.

The analyst believes this setup might lead to a 10x price increase for DOGE. While this analysis supports the growing bullish sentiment around Dogecoin, traders must apply caution as cryptocurrency investments carry high risks.

However, while awaiting Dogecoin’s potential breakout, PlayDoge has presented itself as a potential DOGE alternative for significant gains.

PlayDoge: A Rising Star in Meme Coins Outshining Dogecoin

PlayDoge ($PLAY

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