Dogecoin Price Analysis: Whales Drive Recovery with Potential to Surpass $0.2
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jun 04 2024- Dogecoin Price Analysis: Dogecoin, the largest meme cryptocurrency, hit a local top at $0.174 and dropped by 11% to $0.156, seeking support at the 38.2% Fibonacci retracement level.
- Key Support and Resistance Levels: Dogecoin is consolidating with whales accumulating 200 million DOGE since May 30, indicating potential for a rebound.
- Market Recovery: Dogecoin saw a 45% growth in May, reaching $0.175 from $0.12, showing signs of trend reversal with increased accumulation at dips.
- Technical Indicators: The 50-day EMA at $0.156 provides support, while the daily RSI at 50% suggests a neutral market sentiment.
- Price Prediction: A potential rebound could lead Dogecoin to challenge $0.174 resistance, aiming for targets at $0.21 and $0.228 if breakout is successful.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
