Dogecoin (DOGE) price is predicted to reach $0.165. When this article was written, support crypto prices Elon Musk it is up 14.7 percent in the last 24 hours to around $0.008.
The price of DOGA has indeed declined since reaching an all-time high of $0.74 in May 2021. The downward move so far leads to a June 2022 low of $0.049.
Over the past 441 days, the decline has been confined within a descending wedge, which is considered a pattern bullish.
Currently, Dogecoin is trying to get out of this wedge. If it succeeds, the next closest resistance area is at $0.165.
Based on the RSI indicator on the weekly scale, DOGE looks to be in progress erupt from the descending resistance line. If DOGE can do this and then return above the 50 line, it will ensure that the rise has begun.
While the daily chart supports the scenario bullish weekly chart. This means that on August 14, 2022, Dogecoin broke through the $0.077 resistance area and confirmed it as support the next day.
Moreover, the daily RSI has broken firmly above 50. So, this indicates that the price is also likely to break a long-term wedge.
Dogecoin price based on wave indicator
Meanwhile, according to the wave indicator, currently DOGE has started a long-term third wave.
The most likely long-term count shows that DOGE has completed measuring ABC’s corrective structure from its all-time high.
Within it, wave C develops into a final diagonal, thus forming a descending wedge. The number of sub-waves is given in black.
In terms of the short-term count, the most likely scenario sees Dogecoin in wave three of the five uptrend waves. The number of sub-waves is colored yellow, which also indicates that the price in sub-waves is three.
Therefore, if the calculations are correct, the rate of increase is expected to increase soon.
Elon Musk continues to support DOGE
Previously, Elon Musk made sure to continue to support DOGE, because judging by the speed of crypto transactions, it was better than Bitcoin.
“Honestly, I’m a big supporter, because I think Doge is unique, both as a meme and as a dog, and he doesn’t take himself too seriously. I think it’s actually weird that even though Doge was designed just to be like this funny joke, Doge’s overall transaction capabilities are actually far greater than Bitcoin.” before August 6, 2022.[ps]