Dogecoin Price Prediction: DOGE refuses to let WIF have all the fun

Source Fxstreet
  • Dogecoin is leading meme coins north, even though Dogwifhat is outperforming it.
  • With DOGE defending the gains, the upside potential remains alive and the meme coin could reclaim its March 2 peak.
  • If Dogecoin price loses the $0.1356 support, it could weaken the bullish thesis, paving the way for an extended fall.

Dogecoin (DOGE) price is trading with a bullish bias, but so are Dogwifhat (WIF) and most of the large market capitalization-sized meme coins.

Also Read: DOGE, SHIB, PEPE, WIF soar as meme coins prove to be a global shelling point for speculative liquidity

Dogecoin defends gains against Dogwifhat

Dogecoin (DOGE) price is up 69% over the last week, while Dogwifhat price is up almost 420% in the same timeframe. Over the last day, DOGE is up only by a fraction, but WIF boasts upwards of 30% in gains.

DOGE/USDT 1-day chart, WIF/USDT 1-day chart

Nevertheless, despite the abysmal gains, the Dogecoin price still has some upside potential as it continues to defend the $0.1356 support level. Like DOGE, WIF could still extend the gains.

Notably, the upside potential of Dogecoin is for the most part influenced by Bitcoin (BTC) price, seeing as DOGE maintains a strong correlation with Bitcoin price. Data according to IntoTheBlock shows a correlation of 85%.

BTC-DOGE Correlation

The strong correlation between BTC and DOGE is a bullish fundamental for Dogecoin considering the Bitcoin market is currently on fire, steered by growing interest in BTC exchange-traded funds (ETFs). This is reinforced by anticipation of the BTC halving, barely seven weeks out. The overflows of the BTC rally could spill over to Dogecoin, catalyzing its surge.

Dogecoin price outlook amid soaring BTC-DOGE correlation

Dogecoin price managed to flip the ascending trendline into a support with the god candle recorded on March 1. As it continues to hold above this trendline, DOGE price could record more gains. Increased buying pressure above current levels could see the largest meme coin by market capitalization reclaim the $0.1510 range high, nearly 7% above current levels.

In a highly bullish case, Dogecoin price could clear this local top, extending a neck higher to tag the $0.1600 psychological level. Such a move would constitute a 13% climb above current levels.

The Relative Strength Index (RSI) is northbound, pointing to rising momentum as the bulls continue to maintain a strong presence in the DOGE market. This is seen with the large volumes of green histogram bars of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) in positive territory.

The position of the MACD well above its signal line (orange band) further strengthens the bullish outlook, showing the optimism cycle is strengthening.

DOGE/USDT 1-day chart

On the flip side, if selling pressure increases and Dogecoin price slips below the support due to the ascending trendline, confirmed by a close below the $0.1356 support, DOGE value could extend towards the $0.1200 psychological level.

In a dire case, Dogecoin price could descend towards the mid-level of the market range at the 50% Fibonacci retracement level of $0.1126. This would constitute a 20% fall below current levels.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Silver Price Forecast: Trump Signals Rapid Progress in US-Iran Negotiations, Bulls Target $90 Recently, silver prices ( XAGUSD) have been fluctuating within the $73.60-$78.00 range, impacted by shifting U.S.-Iran tensions. However, as signals emerge of further easing in the situat
Author  TradingKey
8 hours ago
Recently, silver prices ( XAGUSD) have been fluctuating within the $73.60-$78.00 range, impacted by shifting U.S.-Iran tensions. However, as signals emerge of further easing in the situat
placeholder
Gold declines below $4,500 as Iran tensions stoke inflation fears and bolster Fed hike betsGold price (XAU/USD) declines to around $4,485 during the early Asian session on Tuesday. The precious metal loses ground as renewed tensions in the Middle East continue to fuel concerns over inflation and expectations of elevated interest rates.
Author  FXStreet
17 hours ago
Gold price (XAU/USD) declines to around $4,485 during the early Asian session on Tuesday. The precious metal loses ground as renewed tensions in the Middle East continue to fuel concerns over inflation and expectations of elevated interest rates.
placeholder
Bitcoin Price Forecast: BTC risks losing $70,000 as AI and chip rally steal the spotlightBitcoin (BTC) edges below $73,000 at press time on Monday, extending its decline under the prevailing downside pressure from three consecutive weeks of losses.
Author  FXStreet
Yesterday 10: 57
Bitcoin (BTC) edges below $73,000 at press time on Monday, extending its decline under the prevailing downside pressure from three consecutive weeks of losses.
placeholder
Fed’s Powell says credibility lost if President can fire officialsFormer Federal Reserve (Fed) Chair Jerome Powell said the US central bank would damage public trust that’s required to support a strong and stable economy if any president were free to dismiss Fed officials over policy disagreements, Bloomberg reported on Monday.
Author  FXStreet
Yesterday 01: 24
Former Federal Reserve (Fed) Chair Jerome Powell said the US central bank would damage public trust that’s required to support a strong and stable economy if any president were free to dismiss Fed officials over policy disagreements, Bloomberg reported on Monday.
placeholder
Forex Today: Yet to be confirmed US-Iran MOU caps US Dollar's upsideHere is what you need to know on Friday, May 29:
Author  FXStreet
May 29, Fri
Here is what you need to know on Friday, May 29:
goTop
quote