Prediction About Dogecoin: How High Can DOGE Rise in July?

Dogecoin has been moving sideways after a sharp fall from its recent local high of nearly $0.25, and traders are closely following signs of a decisive breakout. The daily chart and RSI indicate a potential accumulation phase that could trigger the next upward or downward move. Let's analyze what the chart reveals and where the price of DOGE might head next. Dogecoin Price Prediction: Is DOGE Touching the Bottom?

According to the chart, DOGE price is currently fluctuating around $0.1637, down 1.82% for the day. The Heikin Ashi candles show decreasing selling pressure in recent sessions, with smaller body candles and a more frequent formation of dojis. This suggests that sellers may have exhausted themselves after a prolonged downtrend since mid-May. Notably, the horizontal line around $0.1623 is acting as a short-term support level. The price of Dogecoin has tested this level multiple times but has not decisively closed below it. This creates potential groundwork for a reversal if new buyers enter. What Does the RSI Indicator Indicate? The relative strength index (RSI 14) is currently at 40.43, slightly higher than the recent low of around 35.43. This figure is still below the neutral level of 50, indicating slight bearish momentum, but the RSI has increased in recent days. Historically, the price of Dogecoin tends to rise when the daily RSI bounces up from the 35–40 range. If the RSI continues to rise and surpasses the 50 level, it may signal a shift towards a new bullish sentiment. For this, traders will follow to see if the volume increases along with any green candles. Which Price Levels Should Traders Follow? Looking at the daily chart, if the price of DOGE holds above the support level of $0.1623, the next immediate resistance level will be around $0.17. If the buyers can break through this level, the next resistance will be around $0.20—a psychological barrier and the level at which the price of DOGE began its last bearish phase. To estimate the potential for price increase, suppose the price of Dogecoin breaks above the $0.17 level and moves back up to test the $0.20 level. That would be an increase of about 18%. A breakout above $0.20 could open the door to $0.23–$0.25, in line with the last local peak. Conversely, if the price of DOGE breaks below $0.1623, the next major support level is around $0.13, which implies a downside risk of about 20%. Dogecoin Price Prediction: What is the Conclusion? The price of Dogecoin seems to be hovering around a key support level, with early signs of RSI recovery indicating that the worst of the sell-off may be over. However, buyers need to push the price of DOGE above $0.17 to confirm any short-term trend reversal. If sentiment improves and Bitcoin remains stable, a 15%-20% increase to $0.20-$0.23 is feasible this month. However, if $0.1623 cannot be defended, it could lead to a further fall down to $0.13, wiping out recent gains. Currently, traders should follow the daily closing price and the RSI trend. The battle between the bulls and bears in this narrow range could determine the direction of DOGE in July.