DOGE Tests Crucial Support. Can It Recover From the Bearish Slump and Hit Analyst’s 700% Price Target Toward $1?

The popular meme crypto Dogecoin has been on a huge bear run over the last few weeks. After hitting a high of $0.22888 on March 28th, DOGE has pulled back sharply, dropping over 16% in the last 30 days. As of today, Friday, April 26th, 2024, Dogecoin is trading at $0.151, down 0.54% in the last 24 hours and down 1.07% over the last 7 days.

DODE Price Chart (CoinMarketCap)

Despite the recent downturn, many analysts remain bullish on the long-term prospects for the Dogecoin rally to continue towards the much-hyped $1 price target set by the community years ago. With a market cap of $21.7 billion and a trading volume of over 1 billion, DOGE currently ranks as the 8th largest crypto asset.

DOGE Technical Analysis

Over the last 3 weeks, DOGE has been strongly bearish, dropping over 16% in the last 30 days after hitting bullish flag resistance at $0.22888 on March 28th. Today, it is now testing a crucial bullish flag support level as we all watch closely to see if it can recover soon from this key level.

On the daily timeframe, since hitting its recent high on March 28th, Dogecoin's price action has been bearish until today, April 26th, when it has further dropped to test the bullish flag support at around $0.150. This is the 4th time Price has tested this support zone. Is it really a breakdown for continuation or a rejection approaching?

DOGEUSD Daily Chart (TradingView)

If bullish momentum returns, the price is likely to get rejected at this current support. However, a breakdown below $0.150 could see DOGE drop to test the recent low around $0.130, clear all the liquidity lying below the support of the bullish flag, or even drop further to fill the fair value gap down towards the $0.10 level. The RSI indicator is currently reading at 42, indicating a downtrend, however, bullish momentum might appear once the it hits oversold levels.

On the 4-hour charts, we are all watching closely for potential buying confirmations or a breakdown that could continue the bearish trend before a clear direction emerges.

DOGE Price Predictions

Despite the recent pullback, many top crypto analysts remain extremely bullish on Dogecoin's long-term potential. One renowned trader recently posted that he expects DOGE's next big price increase to happen soon, targeting $0.40 soon. 

Another expert has forecasted a massive 700% growth for Dogecoin as it sets its sights on the $1 target. Although Dogecoin has experienced a 20% drop in value, it's still a good time to invest in the meme coin!

The crypto market has entered a new phase after the recent Bitcoin halving event. In this environment, many analysts think the stage is set for Dogecoin's big rally to finally begin after years of waiting.
With its huge community, viral meme status and Elon Musk's backing, Dogecoin certainly has potential for major upside if the hype and bullish sentiment can return. But it will need to first overcome the current technical resistance ahead before we ca witness that big move.