Dogecoin (DOGE) Price Prediction: Will the Memecoin Continue Its Upward Trajectory?

The price of Dogecoin (CRYPTO: DOGE) was down 9% over the last 24 hours on Saturday after the popular memecoin saw some recovery from a steeper decline.

What Happened: Dogecoin, which had fallen to as low as $0.217 during the latest market correction, dropped further in early Asian trading to touch levels last seen in early April.

The recent pullback in DOGE triggered significant liquidations across derivatives exchanges. According to data from CoinGlass, Dogecoin contracts worth $22.5 million were liquidated within a 24-hour period, ranking it fourth-highest in the cryptocurrency sector.

Of the liquidated value, over $19 million came from long positions, reflecting the bearish price action.

While these figures are substantial for DOGE, they pale in comparison to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which saw liquidations of $154 million and $136 million respectively.

Dogecoin is currently the eighth-largest cryptocurrency by market capitalization, valued at around $33.7 billion, placing it ahead of Cardano (CRYPTO: ADA) in the rankings.

Technical Outlook: The recent price action shows DOGE finding support near the $0.217 level before staging a recovery. The memecoin has climbed back above several key levels, including the $0.225 resistance zone.

Bulls have pushed the price above the 50% Fibonacci retracement level of the recent downward move from $0.2531 to $0.2173. Technical analysis also identifies the formation of a bullish trend line with support at $0.235 on the hourly chart.

DOGE is now trading above both the $0.235 level and the 100-hourly simple moving average, suggesting potential for further upside movement.

Immediate resistance appears at the $0.240 level, with more substantial resistance unfolding around $0.244 and the 76.4% Fibonacci retracement level. If buyers can overcome these barriers, the next major target would be the $0.253 level.

A successful break and close above $0.253 could potentially send the price toward the $0.265 resistance zone. Further gains might push DOGE to test levels around $0.272 or even $0.285.

Technical indicators are showing positive signals. The MACD for DOGE/USD is gaining momentum in the bullish zone, while the RSI (Relative Strength Index) has moved above the 50 level, indicating strengthening buying pressure.

However, if DOGE fails to break above the $0.244 resistance, another decline could occur. In this scenario, initial support would be found at $0.235, with stronger support around $0.225.

The main support level sits at $0.215. A break below this critical zone could lead to further declines, potentially testing the $0.20 level or even dropping to $0.188 in the near term.

Despite the short-term bearish price action, DOGE’s performance over the past week remains strong compared to other cryptocurrencies. The memecoin continues to attract substantial trading interest and speculative activity.

The latest price data shows DOGE trading at $0.227, representing a decrease of nearly 10% over 24 hours. As the recovery stalls, traders will be monitoring key levels to determine whether the bulls can maintain control or if further consolidation is needed.