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Dogecoin Price to fuel up for a skyrocket soon! Will DOGE Price to hit $0.30?

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The broader crypto market looks bullish today with BTC at $48,400 level and Ethereum back above $3,500. Following the trend are the famous memecoins Dogecoin and Shiba Inu which has surged by 2.1% and 2.5% respectively.

Steering clear of the support at $0.230, Dogecoin started an ascent towards next levels. It is now trading at a 24 hr high of $0.246 up by 2.2% in the last 24 hours according to Coingecko.

However, it is now expected for Doge to correct before starts another leg up. A plunge to $0.213 support level is being predicted. Although, following the decline, the token would be fueled for a skyrocket.

DOGE is expected to rise to $0.308 regardless of where it bounces off. This ascent, however, is not without difficulties.

If the Dogecoin price starts its fresh leg-up from $0.230, it will run against resistance at $0.256 and $0.268. If these ceilings are turned into platforms, a retest of $0.308 will be possible.

Further, Increased buying pressure could boost the meme-themed cryptocurrency to $0.308, or a 30% increase.

However, If DOGE fails to recover off the $0.230 support level, the price might possibly retest the $0.213 demand floor in a negative scenario. However, a break below $0.193 will result in a lower bottom, invalidating the bullish premise.

No more Musk effect for Doge!

On dogecoin, the Musk effect has faded. Tesla CEO Elon Musk recently shared a photo of a Shiba Inu dog he recently purchased. The price of dogecoin, on the other hand, was unaffected by the tweet. Instead, the value of dogecoin’s clones increased. 

The absence of a response from dogecoin to Musk’s comments contrasts with what happened in May, when the billionaire drove the coin to new highs of $0.75.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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