Dogecoin (DOGE) Price Prediction 2022: Will DOGE Hit $0.15 Soon?

Dogecoin [DOGE] saw a positive performance in the crypto markets recently. Its 7.3% surge on Friday, the 23rd of August, was a sign of bullish intent and meant another 8%-18% move could arrive soon.

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Dogecoin (CRYPTO: DOGE) price has shown an upward trend recently. The coin signaled a bull signal with the 7.3% increase recorded on Friday, August 23, and another 8-18 percent movement is expected in the coming days.

According to data, an increasing number of Dogecoin wallets are going black. With the market trend decreasing since May, it appears that profit taking may come into play and hinder Dogecoin's progress.

Dogecoin reclaims local resistance zone as support

At the close of the daily session on August 23, the daily price was above $ 0.111 and the market structure indicated a bullish signal. However, while the long-term trend is bearish, bullish structures are occasionally seen, as in recent developments.

Fibonacci retracement levels from last month's price decline point to $0.1196 and $0.13 as the next resistance zones. Given its bullish nature, it seems likely that Dogecoin will reach one or both of these levels.

While the daily relative strength index (RSI) remained above 50, indicating a bullish signal, the balanced volume indicator (OBV) failed to rise significantly. So even if the momentum changes, the lack of demand means DOGE gains could easily reverse.

Short term bullish, long term not very hopeful

The funding rate behind DOGE has fallen in the last few days but remained positive. Open interest has risen with the price, signaling bullish momentum, but has experienced a small decline over the last 24 hours.

During this period, Dogecoin lost 4 percent, falling from $0.1149 to $0.11.

Dogecoin's [DOGE] 2024-25 Price Prediction

Futures data shows that speculators are willing to enter long positions, while spot CVD has started to follow a downward trend again.

This shows weak buying activity in spot markets and supports the idea that Dogecoin gains could easily be erased if bearish market sentiment takes control.

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