Is Trump Factor Behind it?

Additionally, last week’s 57.26% rally indicates that Dogecoin traders are currently holding high unrealized profits, which heightens the risk of rapid corrections. Also, if Donald Trump’s speech at the Bitcoin Conference in Nashville triggers more bullish catalysts for BTC, it could drive Dogecoin’s price further downward amid the current market dynamics. 

Dogecoin Price Forecast: Trump Heightens Risk $0.10 Reverse

Dogecoin has seen a notable price movement, trading at $0.1295 on July 26, 2024, with recent volatility influenced by broader market conditions and political events. The technical indicators in the provided chart suggest a mixed outlook, with both potential support and resistance levels in play.

The Bollinger Bands indicate that Dogecoin has been experiencing higher volatility recently, as evidenced by the widening bands. The current price of $0.1295 sits near the middle band, which often acts as a pivot point.

Immediate resistance is seen at $0.1425, the upper Bollinger Band, which aligns with recent highs. Should DOGE break above this level, it could signal a continuation of the uptrend, potentially targeting the next psychological resistance at $0.15.

On the downside, the lower Bollinger Band at $0.0986 provides a significant support level. This coincides with the previous consolidation phase and a psychological round number, making it a critical level to watch. A drop below this could see DOGE revisiting the $0.10 mark, which has historically been a strong support area.

The relative Strength Index (RSI) indicator is currently at 54.51, suggesting a neutral stance but slightly leaning towards bullish momentum. The RSI above 50 typically indicates buying interest, but it is not yet in the overbought territory above 70, suggesting there is still room for upward movement.

However, if the RSI begins to trend downward and falls below 50, it could indicate a shift toward bearish momentum.