Dogecoin Price Forecast – DOGE Could Hit $0.33 If Sentiment Turns Bullish

Highlights:

• Dogecoin is in the green intra-day but is yet to push through the critical $0.287 resistance
• Rally through this resistance could see Dogecoin push to $0.40 or higher
• Sentiment needs to turn positive for DOGE to rally; otherwise, bears retake control

DOGE continues to display considerable volatility, which worsened over the weekend and carried into early Monday. This price drop stemmed from President Donald Trump’s trade war news. The entire cryptocurrency market’s movement was affected, making Dogecoin highly volatile.

On Sunday, Dogecoin fell to its lowest price of $0.21 in three months. Monday brought a recovery of nearly $0.29, but Dogecoin’s price was still 12% lower than the previous week. However, Dogecoin is still in the green intra-day, up by 5.57% to $0.2707.

Dogecoin Still Facing Bearish Pressure

Despite the minor rebound, multiple factors could push Dogecoin lower. To start with, the macroeconomic environment is not favorable to meme coins. Austin King, an analyst, commented that Dogecoin’s value is primarily determined by social media and the economy, which is unfavorable. If trade relations do not improve, assets such as DOGE may continue to experience bad returns.

$DOGE.X – THE DOGS WHO DIDN’T SELL 🐾😤

Dogecoin is getting HAMMERED, but the diamond hands are standing strong! 💎🐕

🐶 What’s Happening?

Massive sell-off across crypto as tariffs shake up markets.
DOGE drops 20%+ but still holding key support near $0.20.
Retail panicking,… pic.twitter.com/oybsq79ukS

— AlgoXTrading (@AlgoXAustin) February 3, 2025

DOGE Founder Sending Bearish Signals

At the same time, Dogecoin co-founder Billy Markus, aka ‘Shibetoshi Nakamoto,’ has no magic explanation for the concerns of DOGE frequent slumps. He has said on social media that the market does not work like magic. This is at a time when investor confidence is low, especially in meme coins.

learn how any market works? it ain’t magic

— Shibetoshi Nakamoto (@BillyM2k) February 3, 2025

Sentiment Analysis Bearish for Dogecoin

The sentiment for Dogecoin is also turning negative. Data shows that 51% of traders are now betting on Dogecoin’s price declining. According to an analysis by ‘AlgoXTrading,’ Dogecoin has two significant price marks at which oscillation will resolve the issue of what direction its price will move. If DOGE goes down through the supporting point of $0.19, it will start to fall more. On the other hand, if it moves above the resisting point of $0.25, the bull market can reset.

Elon Musk Could Uplift DOGE

That said, sudden price rallies are typical in the market. In the case of Dogecoin, the trigger could be Elon Musk’s support. Even in light of the bearish sentiment, some traders remain optimistic as they expect Musk’s influence will soon lead to another price spike trading surge.

Whales Accumulating DOGE Despite Retail Panic

Even bigger news is that Dogecoin whales are accumulating. Data shows that, as retail traders sell off their DOGE assets, whales are swooping in and purchasing large quantities of the meme coin at discounted prices. This dissimilarity illustrates the difference between short-term traders and long-term holders, who also hold the most sway.

Technical Analysis – Dogecoin Rebounds But Not In the Clear Yet

Dogecoin has rebounded since the early morning crash, which saw it drop to a low of $0.20. It has since established strong support at $0.229. However, bulls are not yet clear.

For Dogecoin bulls to sustain momentum, they must push the price through the $0.287 resistance. This would trigger a DOGE rally to $0.33 in the short term. On the other hand, if bears regain control in the day, Dogecoin could drop back to around $0.229 or lower.

Recap

As the market remains volatile, the focus is on whether DOGE can rally through the $0.287 resistance. If the broader market pushes higher, then Dogecoin, uplifted by the broader market, could head higher as well. At the same time, the Elon Musk factor could trigger a rally through resistance and push Dogecoin to new highs in the short term.