Dogecoin Price Prediction: DOGE Holds at $0.06 – Is a New Bull Run Starting?

cryptonews.com:

The Dogecoin price has jumped by 0.5% in the past hour, with the meme token rising to $0.060839, where it marks a 0% gain in the past 24 hours.

Despite its gain, DOGE remains down by 2.5% in a week and by the same percentage in the last 30 days, with the coin also having declined by 13.5% since the beginning of the year.

Given that many major tokens (e.g. BTC, ETH, XRP, SOL) have actually risen since January, this counts as an underperformance for the famous meme token, which has suffered from a lack of positive news and developments.

Yet with the Dogecoin community holding out for some kind of integration with X (formerly Twitter), it may not be long before a new bull run begins.

Dogecoin has been oversold for a long time now, with its indicators all remaining in very weakened positions.

Yet such positions suggest that the coin continues to be sold at a steep discount, and that a recovery has been long overdue.

For example, DOGE's relative strength index (purple) remains at the 40 level, and it's actually been lower than 40 and close to 30 since the middle of August.

For a normal asset, this is a long time to be oversold, with DOGE's 30-day moving average (yellow) also signalling that the market has undervalued the meme token for several months.

However, it's medium-term support level (green) is worrying, insofar as it hasn't really risen in the past few weeks, suggesting that further losses could be incoming before DOGE can mount a serious recovery.

Yet the past hour's gain hints at a possible changing of fortunes, even if there's nothing fundamental about Dogecoin and its recent happenings which would call for a buying frenzy.

Indeed, the coin has witnessed no significant news in the past few weeks, save for Elon Musk