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The price of Dogecoin (DOGE) could fall, but only if it loses this crucial support

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The price of Dogecoin (DOGE) could fall, but only if it loses this crucial support

dogecoin

Briefly

  • the price of Dogecoin (DOGE) has fallen since the beginning of the year and has reached a stable support level.
  • The price action on a weekly and daily basis suggests that more downside is likely.
  • This bearish prediction will be thrown out the window if the short-term resistance line breaks.

The Dogecoin (DOGE) price could fall below a nearly one-year-old ascending support line. This could signal a sharp fall if true.

The cost activity from both the week by week and day to day time spans proposes the pattern is as yet negative. Therefore, additional negative outcomes are likely in the near future.

 

 

Dogecoin Price Uncertainty Reigns Supreme

The specialized investigation from the drawn out week by week time period offers clashing hints for the future Dogecoin cost pattern. The price was able to break out of a long-term descending resistance line (dashed), but it was unable to move above the $0.115 resistance area.

Instead, a long upper wick was formed when the price was rejected (red icon). Because it indicates that buyers would be unable to sustain the increase, this is regarded as a bearish sign.

Rather, dealers dominated, pushing the cost down accordingly.

The meme coin fell to an ascending support line that has been in place since June 2022 after the rejection. This is the fourth time the cost has contacted the line.

The weekly reading of the Relative Strength Index (RSI) is bearish. Brokers use the RSI as an energy pointer to survey whether a market is overbought or oversold and to decide if to collect or sell a resource.

In the event that the RSI perusing is over 50 and the pattern is vertically, bulls actually enjoy a benefit, yet assuming the perusing is under 50, the inverse is valid.

The indicator is below 50 and decreasing (red circle), a sign associated with bearish trends.

 

 

 

 

 

 

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DOGE Price Prediction: Breakdown a Matter of Time?

The bearish weekly forecast for the DOGE price is supported by the daily time frame readings.

The DOGE price has been in a descending triangle since November 2022, as shown by the price action. As a bearish pattern, the descending triangle typically results in breakdowns.

At the moment, the price is $0.067, which is very close to the base of the triangle. A breakdown that ventures to every part of the whole triangle’s level would take the cost to $0.04, arriving at another yearly low simultaneously.

However, this bearish long-term DOGE price prediction would be invalidated by a breakout from the resistance line of the triangle.

All things considered, the most probable blueprint at the future cost development would be an increment to a typical cost of $0.105.

 

 

 

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