For weeks, altcoin investors have had little to smile about. The dip in Bitcoin’s value has severely impacted altcoins, with many hitting new lows for 2023. This is despite Bitcoin&#8217;s price being significantly higher than it was at the beginning of January. Among these, where does Dogecoin stand? Hopeful DOGE price predictions bring a glimmer of optimism to investors. 
<h2 style="text-align: justify;" id="span-data-contrast-auto-analyzing-dogecoin-8217-s-chart-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Analyzing Dogecoin&#8217;s Chart </h2>
At the time of writing, DOGE, the eighth-largest cryptocurrency by market value, is trading above $0.073. Despite the bearish market conditions, it outpaces several popular altcoins like MATIC, SOL, and TRX, maintaining a market value of over $10 billion, thanks to its loyal investor base. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-81283 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/05/dogecoin-4.png" alt="" width="1962" height="972" srcset="https://en.coin-turk.com/wp-content/uploads/2023/05/dogecoin-4.png 1962w, https://en.coin-turk.com/wp-content/uploads/2023/05/dogecoin-4-300x149.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/05/dogecoin-4-768x380.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/05/dogecoin-4-1536x761.png 1536w, https://en.coin-turk.com/wp-content/uploads/2023/05/dogecoin-4-1200x594.png 1200w" sizes="(max-width: 1962px) 100vw, 1962px" />
<a href="https://en.coin-turk.com/dogecoins-surprising-turn-record-breaking-transaction-volume-and-the-musk-factor/" target="_blank" rel="noopener" data-wpel-link="internal">Dogecoin</a>’s (DOGE) price broke out of a long-term descending wedge and subsequently formed a short-term double-bottom formation. Technical analysis on the daily timeframe reveals that DOGE’s price exited a descending wedge on May 16th. This wedge is usually considered a bullish pattern, often leading to breakouts. Consequently, DOGE’s price may rise in the short term. 
<h2 style="text-align: justify;" id="span-data-contrast-auto-dogecoin-doge-price-prediction-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Dogecoin (DOGE) Price Prediction </h2>
In addition to the wedge formation, a double bottom also catches the eye on the chart, possibly signaling an impending uptrend. The candlesticks on the chart indicate active buyers trying to push the price higher. A closer look at the daily timeframe gives a bullish DOGE price prediction. The primary reasons for this are the number of waves and the RSI readings. Elliot wave count points to a completed five-wave downtrend within the wedge. 
This suggests a likely continuation of the uptrend in the short term, although a retracement may occur afterwards. So, what will be the target for this price increase? The short-term bullish target is between $0.087 and $0.091. Despite this short-term bullish price prediction, a price falling below the fifth wave level of $0.069 would confirm the bearish trend. 
In an environment where the uptrend is shelved, DOGE investors may see a swift pullback towards $0.05. Bitcoin has been trading in the range of $27,600-$27,700 for a while now. The king of cryptocurrencies&#8217; directional decision in the coming hours will also influence DOGE&#8217;s price. 
The post <a rel="nofollow" href="https://en.coin-turk.com/dogecoins-bright-forecast-detailed-analysis-and-price-predictions-amidst-altcoin-turbulence/" data-wpel-link="internal">Dogecoin’s Bright Forecast: Detailed Analysis and Price Predictions Amidst Altcoin Turbulence </a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Dogecoin’s Bright Forecast: Detailed Analysis and Price Predictions Amidst Altcoin Turbulence

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