The cryptocurrency market held relatively steady after the U.S. Federal Reserve kept interest rates at their current level this Wednesday. The Federal Open Market Committee (FOMC) met analysts’ expectations by maintaining the benchmark federal funds rate within the existing range of 5.25% to 5.50%.
However, the positive news is that United States Consumer Price Index (CPI) data came in lower than forecast and the year-on-year figure of 3.3% showed a slowdown from the previous pace of 3.4% and this had a positive influence on many cryptocurrencies. Dogecoin (DOGE) surged from $0.133 to $0.147 in under 24 hours, signaling that buyers are stepping in early without waiting for a deeper pullback. If this upward momentum persists, the next target could be $0.15.
But where is the price of Dogecoin (DOGE) going next, and what can we expect from the rest of June 2024?
Today, Crypto Lists will discuss Dogecoin (DOGE) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Dogecoin’s strength comes from its passionate community
- 2 Elon Musk holds a significant portion of DOGE
- 3 Technical analysis for Dogecoin (DOGE)
- 4 Important support & resistance levels for Dogecoin (DOGE)
- 5 What speaks for the rise in the Dogecoin (DOGE) price
- 6 What indicates the downfall of Dogecoin (DOGE)
- 7 What do analysts and experts say?
Dogecoin’s strength comes from its passionate community
Dogecoin was introduced in December 2013 by programmer Billy Markus and marketer Jackson Palmer, who conceived the coin as a humorous nod to the Doge meme. The fascination with this cryptocurrency emerged during a period when developers were only starting to delve into the potentials unlocked by Bitcoin’s creation, and to this day, DOGE is still exchanged, predominantly for tipping online content creators or for crowdfunding efforts.
While Dogecoin might not seem as appealing for investment because of its unlimited supply, it’s important to highlight that the cryptocurrency’s main asset lies in its committed and passionate community. The potential for DOGE adoption could expand even further and many crypto analysts agree that Dogecoin’s cultural relevance and humor give it a distinct advantage over other, more niche cryptocurrencies.
Arthur Hayes, co-founder of BitMEX, and Raoul Pal, CEO of Real Vision, recently discussed the future of Dogecoin and its role in the broader financial ecosystem. Given their extensive experience and influence in the crypto market, their perspectives are highly regarded. Hayes expressed his belief in Dogecoin’s potential to secure an ETF, he also pointed out Dogecoin’s established market presence, high market cap, and popularity as key factors that could drive this development.
Hayes also emphasized that its listing on platforms like Robinhood makes Dogecoin accessible to a wider audience. Raoul Pal echoed Hayes’ sentiment, emphasizing Dogecoin’s unique position as the original meme coin but also warned that the fleeting nature of many meme coins suggests that only those with broad, non-offensive appeal could sustain long-term success.
The potential introduction of a Dogecoin ETF raises important questions about its market impact. Such an ETF would provide traditional investors with a regulated and accessible means to invest in Dogecoin, potentially boosting its demand and enhancing market stability. However, it also invites regulatory scrutiny and necessitates clear frameworks to protect investors.
Elon Musk holds a significant portion of DOGE
Elon Musk remains a steadfast supporter of Dogecoin and there are even rumors that Elon Musk might own a substantial share of current Dogecoin’s supply. Cardano founder Charles Hoskinson recently said that Tesla CEO Elon Musk frequently promotes Dogecoin on his social media because he holds a significant portion of its supply. Cardano founder Charles Hoskinson said:
“He’s a legendary entrepreneur, and no one can challenge…He’s a magical guy. He’s really like a sphinx. Hard to understand his motivations and understand why he does what he does. Why does he have this bizarre fetish for Dogecoin? Is that he owns 20% of the supply? Or is it just he might simply like the cryptocurrency logo”
Raoul Pal, CEO of Real Vision, said that he invested in DOGE because he thinks Elon Musk is going to do something with DOGE and the price of DOGE could increase significantly times if it becomes integrated into products and services offered by his companies. The Dogecoin performance was not exactly strong in May after a 12.63% surge in April, but the positive information is that DOGE surged from $0.133 above $0.147 in the past 24 hours.
The U.S. Federal Reserve kept interest rates at their current level this Wednesday but optimistic news is that United States Consumer Price Index (CPI) data came in lower than forecast and the year-on-year figure of 3.3% showed a slowdown from the previous pace of 3.4% which had a positive influence on the cryptocurrency market.
Technical analysis for Dogecoin (DOGE)
Dogecoin (DOGE) has been in a positive mood in the past 24 hours, 2024, advancing from a low of $0.133 to a high of $0.147. The current DOGE price stands at $0.145, and despite the minor correction, bulls continue to control the price movement. A break above the $0.15 level would indicate that DOGE could probably test the price level at $0.16 again. As long the price of DOGE is above the line that I marked on the chart below, there is no risk of a bigger sell-off.
Important support & resistance levels for Dogecoin (DOGE)
On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. Dogecoin (DOGE) has surged from $0.133 to $0.147 in the past 24 hours, and if the price advances above $0.15, the next target could be resistance that stands at $0.16.
The important support level is $0.14, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.13. If the price drops below $0.12, which represents very strong support, the next target could be located around $0.10.
What speaks for the rise in the Dogecoin (DOGE) price
Dogecoin whales increased their activity this trading week, which demonstrates renewed interest and confidence in Dogecoin, but investors should keep in mind that cryptocurrency markets are notoriously volatile, and while positive developments can trigger substantial price increases, they also carry potential risks.
However, there is a possibility that a Dogecoin ETF could be introduced in the near future, and because of this many crypto analysts say that more investors could purchase DOGE in the months ahead, which could lead to further growth. In light of this, DOGE could easily advance above the current price levels, especially if Bitcoin and other major cryptocurrencies show positive developments.
What indicates the downfall of Dogecoin (DOGE)
Dogecoin (DOGE) is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. At the same time, the macroeconomic landscape remains uncertain; major central banks continue to keep interest rates at high levels, and risk-on assets such as cryptocurrencies could suffer again in such conditions. The important support level for Dogecoin (DOGE) stands at $0.14, and if the price falls below this level, the next target could be $0.13 or even the strong support that stands at $0.12.
What do analysts and experts say?
Numerous crypto analysts have the opinion that Dogecoin (DOGE) is a promising project that could have a bright future, and this crypto will likely continue to play a significant role in the cryptocurrency market. Arthur Hayes, co-founder of BitMEX expressed his belief in Dogecoin’s potential to secure an ETF, he also pointed out Dogecoin’s established market presence, high market cap, and popularity as key factors that could drive this development.
The potential introduction of a Dogecoin ETF raises important questions about its market impact but many crypto analysts agree that Dogecoin’s cultural relevance and humor give it a distinct advantage over other, more niche cryptocurrencies. At the same time, Elon Musk remains a steadfast supporter of Dogecoin, and the potential for DOGE adoption could expand further if it becomes integrated into new products and services offered by his companies.
