Annual Forecast for Dogecoin (DOGE), 2024

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Ranging
Dogecoin’s (DOGE) price has been in a sideways trend as it shows price stability. During its initial launching, Dogecoin rose to the high of $0.002322 in January 2014. The cryptocurrency slumped to $0.00010 and commenced resumption of upside momentum. Also, in January 2018, it attained a new high of $0.01877 but dropped to $0.00200 low before embarking on a new uptrend. On May 3, DOGE/USD rallied to a high of $0.55 but the upward move could not be sustained. Today, the market has declined to the low of $0.1930 but an upward correction is ongoing.

Monthly Chart Indicators Reading:
The crypto’s price is below the 21-day SMA and 50-day SMA which makes it prone to fall. The cryptocurrency is below the 20% range of the daily stochastic. It implies that selling pressure is likely to reach bearish exhaustion. Also, the market has reached the oversold region. Buyers are likely to emerge. The 21-day SMA and 50-day SMA are sloping sideways indicating the sideways trend. Dogecoin Price Prediction 2022 looks super bullish. 

DOGE/USD Medium-term bias: Bullish
On the monthly chart, DOGE/USD is in an uptrend as the price bars are above the moving averages but below the $0.40 high. The cryptocurrency has been consolidating above the $0.19 support. Meanwhile, on May 1 uptrend, a retraced candle body tested the 23.6% Fibonacci retracement level. The retracement suggests that DOGE will rise to level 4.236 Fibonacci extension or $3.08.

General Outlook for Dogecoin
DOGE/USD is in a sideways move as it shows price stability. The market will resume an uptrend if the price breaks above the resistance at $0.40. According to the Fibonacci tool analysis, Dogecoin will rally to $3.08 if it regains bullish momentum before the end of the year.

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