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Dogecoin price outlook unclear as DOGE confronts a crypto market painted in red

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  • Dogecoin price holding the 50-day simple moving average (SMA) as cryptocurrency market presses to the downside.
  • A decisive close above the descending channel’s upper trend line renews bullish outlook.
  • DOGE shows a doji candlestick on the monthly chart, marking indecision among investors.

Dogecoin price recovered the 50-day SMA on May 19, unlike most other cryptocurrencies. The descending channel’s midline has reinforced the support. Heading into the last week of May, DOGE may continue to consolidate the rebound at today’s levels, but in a market overrun with selling, the odds are not in favor of a bullish outcome.

Dogecoin price recovery needs more than social media

From the May 8 high to the May 19 low, Dogecoin price collapsed over 70%, generating one of the largest declines for any cryptocurrency over that time frame. On May 19, DOGE fell 60%, one of the largest declines during the crash, before bouncing 70% by the close.

The Dogecoin price crash overwhelmed support at the declining channel’s lower trend line at $0.265, the 78.6% Fibonacci retracement of the rally from the April 23 low to the May 18 high at $0.269 and a price range defined by multiple daily lows in April between $0.225 and $0.250.

Today, Dogecoin price is trading in line with Bitcoin, down around 11% at time of writing, demonstrating an elevated level of relative strength compared to most of the cryptocurrencies under coverage. However, as was witnessed on May 19, DOGE is vulnerable to wide price swings in times of market dislocation. That will be no different in the future, especially considering the increasing number of traders operating in the meme-based token.

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Due to a generally bearish bias on the crypto market, the short-term outlook for Dogecoin price is also negative. Immediate support continues to develop at the 50-day SMA at $0.319 and the channel’s midline around $0.320. A new rush of selling will quickly test the 78.6% retracement at $0.269 before finding a struggle at the confluence of the channel’s lower trend line with the previously mentioned price range at $0.243.

Any further Dogecoin price weakness will target the May 19 low at $0.195 and potentially the April 23 low at $0.135.

DOGE/USD daily chart

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A bullish resolution of the DOGE consolidation needs a daily close above the channel’s upper trend line at $0.461. The subsequent resistance levels are the May 14 high at $0.604 and the topside trend line at $0.943.

DOGE is a unique investment situation due to the continual support from recognized business people channeled through social media platforms. It has been demonstrated that a simple tweet can catapult Dogecoin price well beyond 20% in a matter of minutes. However, in this new environment created by the May 19 crash combined with the indecision expressed by the doji candlestick on the monthly chart, DOGE investors will need more than a tweet to overcome the current technical challenges.

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DOGE Price To Explode 1000x!! This Is When Dogecoin Price Will Hit $1!

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  • The total market cap of the crypto space is anticipating a $3 trillion milestone.
  • Dogecoin price manifests to break a crucial resistance to reach a new milestone.

The global crypto space is currently experiencing a decent uptrend momentum which can soon rekindle an altseason. On 16th October 2021, the total market cap of the space broke at a crucial resistance of $2.401 trillion reaching $2.50 trillion at the press time. While the altseason is on the horizon, meme coin DOGE is awaiting for the crucial breakout to explode by 1000x. 

Analyst Makes a Whooping Prediction for DOGE Price!

Popular crypto analyst Justin Bennett expressed that the meme coin has a proven record to explode massively after a breakout. Further, he stated, the DOGE price is on the verge of a breakout and could leg up by 500 to 1000x if it happens.

The chart shown by him indicates the formation of a Symmetrical triangle pattern. It seems to be retesting at an important resistance area of $0.25. The technical analyst went on to say that the coin has surged by 5 to 10X in its recent breakouts of a similar pattern. Hence, a similar trend may continue, and probably price could soar beyond 500x this time as the pattern is stronger than the previous, he added.

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DOGE Price Forms a Symmetrical Triangle Pattern!
The Doge price is trading at $0.2383 with 2.50% gains in the last 24 hours. The asset seems to be awaiting a crucial breakout. The significance of the bullish bid has lifted the price from the $0.1857 support level. Since the start of Q4, clearing the price compression, the meme coin has formed a symmetrical triangle pattern. If altcoin continues the pattern, it could gain massive profits in the upcoming bull cycle.

The DOGE price has the next important resistance between $0.3 to $0.35, if it breaks above $0.4 crucial resistance then it is expected to hit new ATH. On the contrary, bearish clouds could pull back the price level to the major support of $0.1652.

However, Crypto maniac, the popular crypto analyst. He indicated via a chart that the meme coin could soon break out the harmonic pattern to reach new highs. Collectively, if the asset gets any supporting momentum for the price action, then it could soar beyond expectations.

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Mark Cuban Defends Dogecoin Against Bitcoin Maximalists

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Billionaire Mark Cuban says that he likes Dogecoin because it’s a fun and cheap way of learning about crypto.

During a recent live audio conversation on Twitter Spaces, billionaire Mark Cuban said that he would continue talking about Dogecoin despite facing pushback from Bitcoin maximalists.  

Cuban says that Dogecoin is “a great introduction” to the cryptocurrency space.

The “Shark Tank” host also believes that the meme cryptocurrency is a cheap way of learning about crypto.    

Cuban explains that there is a low barrier to entry since one only has to open an account with Robinhood and buy $25 worth of DOGE.
    
Now that Robinhood is rolling out its own wallets, Cuban says that Dogecoiners will be also able to easily spend their favorite meme coin at merchants of the likes of AMC.    
Finally, Cuban has once again praised the Dogecoin community for its frivolousness:

I think it’s a fun community to be part of.

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Cuban’s meager Dogecoin holdings

Despite being a strong Dogecoin advocate, Cuban himself owns only $1,500 in the meme coin.

After the billionaire had his commitment questioned by podcaster Preston Pysh, he urged the former to disclose his own position in Bitcoin to prove that he’s not a poser.

Cuban himself described Bitcoin as the superior store of value, but he doesn’t believe that it will succeed in the realm of payments (unlike Dogecoin).  

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“Vitalik will figure it out”

Speaking of Ethereum, Cuban says that he’s not arguing that there is a risk linked to Ethereum’s switch to proof-of-stake through the “difficulty bomb” mechanism.

However, he believes that co-founder Vitalik Buterin will be able to figure things out:  

I’m guessing that Vitalik will figure it out.

If Ethereum “screws the pooch,” Cuban expects other chains to take its place.

As reported by U.Today, Buterin also joined the advisory board of the recently re-established Dogecoin Foundation.

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Dogecoin Primed for a 500–1,000% Multi-Month Rally if It Hits This Level, Says Crypto Analyst Justin Bennett

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Crypto market analyst Justin Bennett thinks Dogecoin (DOGE) is primed for a massive rally if it successfully recovers a key level and retests it as support.

The analyst tells his 78,000 Twitter followers that he thinks meme crypto asset Dogecoin could begin a 500-1000% multi-month surge if it can reclaim the $0.24 level.

“DOGE just needs to take out that area above $0.24. 

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Do that, and a multi-month rally begins, IMO (in my opinion).

Probably 500 – 1,000% of upside if it confirms.”

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Source: Justin Bennett/Twitter

According to Bennett’s analysis, if DOGE can break $0.24, he expects a short-lived pump to a previous high at $0.26 before retesting $0.24 and moving higher. At the time of writing, Dogecoin is trading at $0.236, according to CoinGecko.

The crypto market strategist is also looking at Dogecoin’s daily chart, where the meme crypto asset is coiling and forming a large triangle pattern. The formation of a triangle in an uptrend suggests the bullish continuation of an asset once it takes out its diagonal resistance. According to Bennett’s chart, DOGE has printed the same pattern twice this year. In both instances, massive run-ups followed the breakout.

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Source: Justin Bennett/Twitter

In a recent issue of his market analysis on the Cryptocademy newsletter, Bennett highlights three key price targets for DOGE to hit, assuming it can confirm a break above $0.245.

“If this breaks higher, targets like $0.32, $0.42, and $0.57 are well within reach.

However, keep in mind that a daily close above the upper trend line near $0.245 is required to confirm the breakout.”

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Source: cryptocademy.com

Looking at DOGE against BTC (DOGE/BTC), Bennett predicts the pair will break out of a massive falling wedge formation that’s been developing since June.

“It isn’t just DOGE against the USD, either.

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This falling wedge on DOGEBTC is ridiculous.

Only a matter of time before it rockets higher, IMO.”

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Source: Justin Bennett/Twitter

The falling wedge formation is a technical analysis pattern that also suggests a move to the upside once the breakout is confirmed.

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