DOGE price prediction: Key highlights

 

1. Primary support and resistance levels

• On the weekly timeframe, $0.06 was observed to be the lowest price floor for the token.
• Meanwhile, $0.37 can likely prove to be the highest resistance for DOGE.

2. Market sentiment

• In April 2024, DOGE is observed to be in a corrective phase.

3. Predictive forecasts

• Based on our AI/ML predictive models, DOGE is anticipated to be traded at an average price of over $1 in 2026 and $100 in 2032.

Given below is a comprehensive weekly technical analysis of DOGE, followed by the coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models: 

 

DOGE technical analysis: Bulls lock horns in a bid to prevent a downtrend

 

Throughout the observed period, DOGE exhibited significant volatility, characterized by a series of rallies and corrections. The latest drops amid the bull run prompt a closer examination of Dogecoin’s price prediction for 2024.

 

The analysis commenced with bulls attempting to elevate the price, which saw the token momentarily touching $0.10 in April. However, the lack of significant buying pressure led to the price falling below $0.07 support by May.

 

The continued declines pushed the price down to its lowest analyzed support at $0.06 in June. Not giving up, buyers regrouped and managed to push the price up to $0.07 as July ended, but once again faced rejection. By mid-August, the price had returned to its lowest support level.

 

This level faltered momentarily in October. Nevertheless, a significant turnaround occurred in the latter half of the month. The bulls regained ground. Using the lowest support as a springboard, buyers pushed the price up, breaching $0.07 by mid-November.

 

In December, the memecoin approached and tested the resistance level again at $0.10 but encountered a rejection mid-month. This precipitated a retracement to its support at $0.07 by January. The bulls robustly defended this support zone for more than a month, staving off further downtrend. In the subsequent month, bullish forces made a concerted effort to catalyze an upward price trajectory. 
 

This endeavor culminated in a significant price surge towards the end of February, propelling the asset beyond its previous resistance threshold. As March entered, DOGE successfully redefined the $0.15 mark as a solid support base, concurrently achieving a new resistance level at $0.20. 

 

Towards the end of the month, the bulls managed to push the price briefly past this high resistance. Yet, as April unfolded, DOGE started its journey to the bottom. The corrective drop brought the dog-themed token to trade closer to its current support, with the price at $0.15525.
 

If the bull run resumes, the token has the potential to reclaim its previous high of $0.20, with prospects of reaching as high as $0.28 in the short-to-medium term. Nevertheless, before DOGE reaches new highs, $0.37 can likely pose some challenges.

 

AMBCrypto also examined a scenario in which DOGE maintains its bullish trend, suggesting that it could reach $0.5 and possibly achieve a new all-time high of $0.7 this summer. This optimistic trend could further propel DOGE to surpass previous records and potentially hit a new all-time high of $1.
 

Due to the broader market pessimism, there is a significant risk of further drops. In that scenario, $0.13 can provide a cushion. Meanwhile, a drop below $0.10 can trigger extreme bearish conditions.
 

Our predictive models anticipate a steady rise in DOGE’s price, trading at an average of more than $1 in 2026. By 2032, this number is expected to increase by 100x, bringing the average price to an astonishing $100.

 

DOGE’s 2024 roadmap: Key indicators to watch and trade

• The bullish rallies observed throughout the past year were buoyed by increased trading volume, especially in Q4 2023. This suggested strong investor interest during uptrends.
• As the price was rejected, the volume waned. However, given the recent price pumps, there was a significant increase in trading volume. This highlighted the presence of several active traders in the market, possibly in anticipation of further price movements.
• The Bollinger Bands began to widen again towards the end of 2023 in response to the uptrend, signaling a rise in market volatility. Notably, the price slightly crossed the upper band in mid-November and then again in December.
• Towards the end of February, the price again moved over the upper band, signaling overbought conditions. As a correction materialized in April, the price candles again fell below the upper band.
• The 20-week moving average (MA) was predominantly above the price throughout most of 2023, with exceptions during a brief surge above this average in April and a sustained period from the end of July to August. 
• Starting in late October, the price has consistently stayed above this MA, highlighting sustained bullish sentiment.
• The Directional Movement Index (DMI) revealed that the +DI line dipped below the -DI line twice, corresponding with the token revisiting its lowest support level. Meanwhile, the Average Directional Index (ADX) remained below both lines. Since Q4 2023, the +DI and ADX have been ascending, whereas the -DI has been descending.
• In mid-November, the ADX surpassed the -DI, and by January 2024, it moved above the +DI. Between the latter half of February and mid-March, although the ADX dipped below the +DI, it quickly regained its position above it. 
• As the analysis concluded, the +DI line was seen descending with its counterpart following an opposite trajectory. The values registered were ADX at 43.3697, -DI at 12.6177, and +DI at 29.0002. The positions indicated a potential shift or fluctuation in the trend’s strength, but the market was still predominantly in a strong uptrend.