Dogecoin Price Prediction: Will DOGE Reclaim the $0.20 Level Next?

The memecoin market is currently valued at $55.36 billion with a change of -1.94% in the last 24 hours. Furthermore, with a fall of 13.30%, the memecoin segment recorded a trading volume of $4.83 billion. Subsequently, the price of Dogecoin exhibited similar action, losing 1.53% in its portfolio overnight. With this, the meme coin DOGE is currently trading at a discount of 75.95% compared to its all-time high (ATH) of $0.7376. Subsequently, investors are concerned about the short-term price outlook of the largest memecoin. In this article, we will explore market sentiment and predict the potential price of Dogecoin. The price of DOGE shows sideways action this week. In the last 24 hours, the memecoin Dogecoin has fallen by about 2% with a trading volume of 612.49 million dollars, changing -41.19%. Furthermore, with a market capitalization of 26.44 billion dollars, its market dominance has decreased to 0.8898%.

The SMA technical indicator shows a bearish convergence in the daily time frame. This highlights the increasing selling pressure on the largest memecoin in the cryptocurrency space. On the other hand, the (MACD) converging divergence moving average shows a neutral trend. However, the 12 and 26-day moving averages have recorded a continuous increase in the Dogecoin price chart, indicating increased volatility in the near future. Will the price of Dogecoin recover soon? If the cryptocurrency bulls take control, the price of Dogecoin could test the immediate resistance level of $0.20. Furthermore, if the market sentiment becomes more bullish, this could lead it towards a higher price target of $0.243 this month. However, if the bears dominate the market, the price of Dogecoin may fall to the important support level of $0.1645. Furthermore, if the bulls do not maintain the upward momentum at that time, the price could drop to the important support level of $0.12975 in the coming week.