The price of Dogecoin (Dogecoin-DOGE) fell by 1% within 24 hours to $0.1522 on a disappointing day for the entire crypto market, and its price is still up by 5.5% this week despite the aforementioned decline, but it fell by 9% in two weeks and barely moved during A month ago, it rose at a rate of 100% within a year, and the currency could return to the rise again if the meme coin season begins.
Dogecoin price appears ready to recover after its setback yesterday, and technical indicators indicate a recovery of some momentum. The 30-day moving average (orange) has begun its horizontal movement - after it was about to fall below the 200-day moving average (blue) - and may head upwards soon. This is a sign of a price increase.
The “purple” Relative Strength Index (RSI) has recovered from the value of 30 recorded yesterday to 50 - at the time of writing the article - indicating an increase in buying pressure, while Dogecoin’s trading volume has reached $700 million and is still low enough to allow whales to manipulate the price and raise it strongly if desired. But; It seems at this moment that whales are selling DOGE coins instead of buying them and we will have to wait a few days before it rises again.
It is certain that a rebound will occur in light of Dogecoin’s great popularity and its remaining in the oversold zone, while the long-term hopes of the currency lie with Elon Musk and X (formerly Twitter), which finally changed its website last week to become To a more comprehensive digital platform, as this move will add digital payments that can include Dogecoin, and there is no doubt that the price of Dogecoin will rise and may exceed its all-time high recorded three years ago at $0.7316.
In the near term; DOGE price could reach $0.2 by the end of summer supported by the bullish momentum of the crypto market, and could continue to rise starting in September as economists expect the Federal Reserve to cut interest rates by then.