Dogecoin Price Prediction After the Remarkable Comeback
- Dogecoin price has been in a strong comeback in the past few days.
- This recovery is in line with the performance of other cryptocurrencies and stocks.
Dogecoin price has risen sharply in the past few days as cryptocurrency prices rebound. The coin rose to a high of $0.076, which was the highest level since June 27th of this year. It has jumped by about 50% from its lowest level this year bringing its total market cap to over $9.7 billion.
Why is DOGE rising?
Dogecoin and other meme coins like Shiba Inu, EverGrow, and Dogelon Mars have bounced back in the past few days. There have been no major announcement in the meme coin industry. Therefore, the recovery is mostly because of the ongoing correlation between cryptocurrencies and stocks.
Other cryptocurrencies have been rallying recently. For example, Bitcoin managed to cross the important resistance point at $23,000 while Ethereum jumped above $1,500. This means that Ether has risen by more than 80% from its lowest point this year. This recovery is because of the ongoing anticipation of Ethereum merge event that will happen in September.
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Dogecoin price has risen because of the performance of the stock market. The Nasdaq 100 index has risen in the past few days even as many companies publish weak results. These are companies like Netflix, IBM, and JP Morgan.
The Federal Reserve is another possible reason why Dogecoin price has rallied in the past few days. The bank has already hiked interest rates by 150 basis points this year and analysts expect that there will be some more hikes this year. However, they believe that the bank will deliver a 0.75% rate hike next week instead of 100 basis points they were expecting.
Finally, DOGE price has rallied because of the relatively weaker US dollar. After surging to $109.30 last week, the dollar index has pulled back in the past few days to the current $106.
Dogecoin price prediction
The four-hour chart shows that the DOGE price has made a strong comeback in the past few days. It has managed to move above the 25-day and 50-day moving averages. The coin also hit the important resistance level at $0.077. At the same time, the Relative Strength Index (RSI) has moved to the overbought level.
Therefore, Dogecoin price will likely keep rising as bulls target the key resistance at $0.09, which is about 20% above the current level. The stop-loss for this trade is at $0.067.