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Dogecoin Price Prediction: Is it Safe to Buy the DOGE Dip?

Crispus Nyaga
Crispus Nyaga
Crispus Nyaga
Author:
Crispus Nyaga
Writer
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.
June 23rd, 2025
Editor:
Joseph Alalade
Joseph Alalade
Editor:
Joseph Alalade
News Lead and Editor
Joseph is a content writer and editor who has actively participated in crypto for over 6 years. He enjoys educating others about Web3 and covering its updates, regulatory developments, and exciting stories.
Fact Checker:
Joseph Alalade
Joseph Alalade
Fact Checker:
Joseph Alalade
News Lead and Editor
Joseph is a content writer and editor who has actively participated in crypto for over 6 years. He enjoys educating others about Web3 and covering its updates, regulatory developments, and exciting stories.

The Dogecoin price crash has continued its strong downward momentum since May and is now hovering at its lowest point since April 9. DOGE dropped to a low of $0.1485, down by 43% from its highest point in May and 70% below its 2024 high. 

Dogecoin Price Technical Analysis

The daily timeframe chart shows that the DOGE price surged to $0.4831 in November last year. It initially dropped to a low of $0.1300 in April and then bounced back to a high of $0.2535 on May 11. Its recent surge coincided with Bitcoin’s surge to a record high.

Dogecoin price formed a double-top pattern at $0.2535 and the neckline at $0.2100, its lowest point on May 17. The coin has moved below the 78.6% Fibonacci Retracement level at $0.1685.

DOGE has crashed below the 50-day and 100-day Exponential Moving Averages (EMA). Moving below these two averages indicates that bears are currently in control. 

The Directional Movement Index (DMI) has pointed upwards, while the Bollinger Bands Trend indicator has moved below zero. Therefore, the coin will likely continue falling as sellers target the next psychological point at $0.10, which is at 32% below the current level. 

A move above the resistance level at $0.1670, the 78.60% retracement level, will invalidate the bearish Dogecoin price forecast.

Dogecoin price

Dogecoin price chart | Source: TradingView

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Why DOGE Crash is Happening

The Dogecoin price has crashed due to the ongoing crypto market crash, which has pushed Bitcoin below $100,000. Moving below that support is a sign that Bitcoin has moved into a correction. 

Most altcoins have also plunged in the past few months. As a result, the crypto market cap of all cryptocurrencies, excluding Bitcoin, Ethereum, and stablecoins, has dropped to $531 billion, down by over 27% from its highest point in May.

The Dogecoin price has coincided with a decline in futures open interest, which has dropped to $1.65 billion, down from the year–to–date high of $5.2 billion. Most of this interest is in Gate, Binance, Bybit, Bitget, and OKX. 

Dogecoin’s funding rate has also moved downwards and crossed the zero line for the first time since June 7. A negative funding rate is a sign that investors expect the price will continue falling in the near term.

Dogecoin price has also crashed after Elon Musk left Donald Trump’s Department of Government Efficiency (DOGE) to focus on Tesla and other companies. Musk has also not commented on Dogecoin in the past few months.

READ MORE: Crypto Crash Explained: Here’s Why Altcoins are Going Down

Contributors

Crispus Nyaga
Writer
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.