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Dogecoin Price Prediction: If Bitcoin stays over $65,000, DOGE's price might rise 15%.
A declining trendline and increasing bullish momentum have allowed the Dogecoin price to break above resistance.
If the price of Bitcoin remains over $65,000, DOGE has the potential to make a 15% run to $0.18.
If the candlestick closes below $0.12, the bullish premise would be rendered invalid.
As sector bulls make a comeback, meme currencies like Dogecoin (DOGE) are leading the charge upward in price. This bluff comes after the price of Bitcoin (BTC) surpassed $65,000, a mark that the pioneer cryptocurrency has the potential to hold above.
Price of Dogecoin Set to Climb 15%
As a result of the falling trendline, the price of dogecoin has broken through resistance for the first time since the end of March. The rising lows on the RSI, a measure of market momentum, indicate this trend is continuing.
The price of Dogecoin has the potential to continue its ascent and break over the $0.16 resistance level if this momentum indicator is able to make another high and low above the mean level of 50. If DOGE drops below this level, the volume profile reveals more bearish than bullish activity due to surges in the nodes.
If the bulls can push Dogecoin's price above it, the $0.18 objective will be within reach. If the market sentiment remains strong, buyers at $0.18 might drive the price of DOGE back up to its April 12 challenge of the $0.20 psychological threshold.
It is important to keep an eye on how quickly prices are moving into positive territory
But Dogecoin's value might fall if investors start pocketing their gains too soon. If DOGE were to break below the falling trendline, it would essentially lose the crucial support level of $0.13.
The bullish thesis would be rendered useless in the worst-case scenario if the price of Dogecoin drops below $0.12. If this scenario plays out, the Bitcoin of meme currencies may continue its decline to $0.11, which is 26% below where it is now.
