Dogecoin (DOGE) Price Prediction: Can DOGE Bounce Back After the Slump?

The price of Dogecoin is plunging as the market-wide slump continues, and investors are closely watching whether the token can rebound amid the growing macro uncertainties. The token has failed to hold $1.7 level and is now trading at around $0.16. 

The Current Market Scenario: How is Dogecoin Faring Now?

The Dogecoin (DOGE) is currently trading at around $0.1614. The market cap of the popular memecoin has touched $24.51 billion. The price is down by around 1.37% in the past 24 hours, while the 24-hour trading volume surged by more than 60% reaching $2.04 billion. The Fear & Greed Index value of 14 (Extreme Fear) suggests that the investors are extremely cautious regarding the price movements of Dogecoin. Furthermore, the token had only 13 green days in the past 30 days. The high volatility of 7.39% is another major cause of concern. The overall market sentiment remains bearish.

The leading meme token is currently trading below the 10-day Exponential Moving Average (EMA) and Simple Moving Average (SMA). Moreover, the current price is below the 200-day Simple Moving Average (SMA) of 0.20920. The moving averages are sending strong sell signals. The 14-day Relative Strength Index (RSI), on the other hand, is standing around 38, close to oversold territory. Nevertheless, the MACD is having a bullish crossover. Yet, the overall market sentiment remains bearish. Here is a glimpse of the key technical indicators and their value.

According to technical analysis, the next Fibonacci support levels available for Dogecoin are  0.15626 and 0.12781. If the token fails to hold the current level, a dip to 0.15 and further corrections can not be ruled out. 

What are the Factors Affecting the Price of Dogecoin?

The key factors affecting the prices of Dogecoin include macro climate, technical indicators, whale activity, the price of Bitcoin, and the upcoming ETF. We have already discussed the technical indicators. Here is a detailed look at each of these factors. 

The Looming Uncertainty Over Fed Rate Cuts, Falling BTC & Increased Whale Activity Around Dogecoin

Macrouncertanities is sending a strong bear signal to the crypto market. The major force dragging down the entire market is the looming uncertainty over the December 10 Fed rate cuts. The current predicament has pushed the price of Bitcoin below $100k. The price movement of the leading cryptocurrency has caused a market-wide downturn. The enhanced whale activity had affected the price adversely. The whales have sold around $700 million worth of Dogecoin, showing the growing selling pressure.  

Will the Upcoming Bitwise ETF cause a Dogecoin Rally?

Despite the crypto market slump, the traders are optimistic about the price of Dogecoin as the date of the launch of the Bitwise ETF is nearing. Bitwise has earlier updated its Form S-1 registration to remove a “delaying amendment” clause to facilitate automatic launch in 20 days if the U.S. Securities and Exchange Commission ( SEC) does not interfere.

Accordingly, the ETF is anticipated to launch on November 26. The ETF launches are known to send a strong bullish signal to the market. If the ETF garners enough institutional investments, a rebound may be in store next week. 

Dogecoin Price Prediction: The Chances of DOGE Bouncing Back Quickly

Whether Dogecoin can make a rebound quickly depends largely on the ecosystem developments and the prevailing macro conditions. To sum it up, chances of rebound are slim amid the growing macro pressure and market-wide slump, but if the macro pressure eases and Dogecoin gets a bullish signal from the ecosystem developments or social media narratives, or through ETF launch, a rebound may happen sooner than expected. 

As of now, the macro pressure is still high. The price of the token is projected to hover around $0.15 to $0.19 for this year. 

The Bottom Line: What’s Ahead for DOGE?

The Dogecoin is a meme coin largely driven by the community sentiments and narratives; thus, a rebound and a rally may be a tweet away. Historically, the price of the token has also been linked to Elon Musk’s tweets and activities. The investors are advised to follow key market indicators and the latest updates on ETF launch, ecosystem developments, and macro conditions to reduce risk.