Dogecoin Price Forecast: DOGE on the cusp of a massive 85% explosion – FXStreet

  • Dogecoin price is on the verge of a breakout from a bull flag established on the daily chart. 
  • The digital asset only faces one critical resistance level before a potential breakout to new all-time highs.
  • Another key pattern formed on the 4-hour chart, will be decisive in the short-term momentum of DOGE.

Dogecoin price had another surge in the last three days jumping toward $0.348. The digital asset still aims for new all-time highs and it’s only facing one critical resistance level at $0.32. 

Dogecoin price must overcome this barrier for new all-time highs

On the daily chart, Dogecoin price formed a bull flag which could be on the verge of a breakout. The most significant resistance level is formed at around $0.32. A daily candlestick close above this point would confirm a breakout. 

doge price

DOGE/USD daily chart

This breakout has a price target of $0.57, which would be a new all-time high. There is only one in-between target at $0.45. 

Additionally, on the 4-hour chart, Dogecoin formed an ascending triangle pattern which can be drawn with an upper horizontal trend line and another one connecting the higher lows. The resistance level coincides with the one above at $0.32. 

doge price

DOGE/USD 4-hour chart

However, if Dogecoin price gets rejected at the top, it can quickly fall toward the lower boundary of the pattern at $0.29. A 4-hour candlestick close below this point would confirm a breakdown with a 35% price target at $0.193. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.