If You Miss This Dogecoin Breakout, Don’t Blame the Market

Dogecoin price has been under scrutiny in recent weeks due to declining prices, waning enthusiasm, and a lack of upward momentum. However, as June draws to a close, subtle changes are emerging for Dogecoin, with charts indicating a potential resurgence. With support levels holding and momentum indicators showing signs of a turn, is DOGE poised for its next significant move?

Dogecoin Price Prediction: Is DOGE Gearing Up for a Reversal?

Dogecoin (DOGE) is currently trading around $0.1656, recovering from a correction observed in recent weeks. The Heikin Ashi candles reflect a shift from red to green, suggesting reduced selling pressure and a possible trend reversal. The price is hovering just above the $0.165 support level, which aligns with the S1 pivot support on the chart. This level has provided support twice in June, making it a crucial point to monitor for a potential bounce.

What is the RSI Indicating?

The 14-day Relative Strength Index (RSI) is currently at 39.42, remaining below the neutral 50 mark but showing an upward trend. This suggests that while DOGE is not yet in bullish territory, the bearish momentum is diminishing. A crossover above 40, followed by 50, could signal an early bullish recovery. Historically, when the RSI rose from similar levels in mid-April, DOGE experienced a rally of over 45% in less than two weeks.

Let’s Analyze the Potential:

• April rally from approximately $0.13 to $0.19 = $0.06 increase, or ~46% gain.

If a similar momentum were to occur from $0.165:

• $0.165 × 1.46 = ~$0.24 price target

This suggests that $0.24 is a plausible short-term target if momentum builds.

Dogecoin Price Prediction: Key Resistance Zones to Watch

The chart highlights a layered resistance zone between $0.18 and $0.20, indicated by horizontal lines near pivot levels. If DOGE surpasses $0.175, it will encounter initial resistance at $0.186, followed by $0.198. These zones have historically been significant, with traders taking profits in May. A successful reclamation of $0.20 could accelerate a move toward $0.24, mirroring the April breakout pattern.

What is the Potential Downside Risk?

If the $0.165 support level is breached, the next pivot support lies at $0.147 (S2 level). A breakdown below this level could potentially drag Dogecoin down to $0.125 and even the $0.10 psychological level. However, the RSI's upward trend and recent green candles indicate that this bearish scenario is weakening, at least for the time being.

Is Dogecoin a Potential Buy at the Moment?

Dogecoin is exhibiting early signs of stabilization and a possible trend reversal. The rising RSI, the flattening support zone around $0.165, and the historical breakout setup all suggest a potential rebound. Traders should closely monitor a breakout above $0.175 and the RSI breaching 50. If both are confirmed, DOGE could potentially retest the $0.20–$0.24 range in the coming weeks.