The Price of Dogecoin Falls Before Rising Again
The price of Dogecoin (DOGE) recently experienced a drop to a low of $0.073, testing the 1.618 Fibonacci extension. However, the cryptocurrency has since recovered and is currently trading at $0.081. Despite this recovery, DOGE remains stuck at the resistance level of $0.085 and could continue to lose value if bearish momentum persists. If the market continues to decline, DOGE may drop to a low of $0.070.
Long-term Forecast: Bearish
DOGE’s upside correction may extend to $0.095 or higher if it breaks through the initial resistance. However, as long as the price bars remain below the moving average lines, DOGE is expected to continue falling. The presence of doji candlesticks indicates limited price movement in cryptocurrencies.
Technical Indicators
Key resistance levels for DOGE are $0.12 and $0.14, while key support levels are $0.06 and $0.04.
What’s Next for Dogecoin?
Despite stabilizing above the support level of $0.082 since January 3, DOGE is still bearish and has recently dropped below this support level due to selling pressure from bears. If this negative momentum continues, DOGE is expected to hit a low of $0.070.
According to a previous report, there is a possibility that DOGE could fall to the Fibonacci extension of $1.618 or even as low as $0.075.
Hot Take: Dogecoin Faces Bearish Momentum
The price of Dogecoin has experienced a recent drop before recovering slightly. However, the cryptocurrency remains stuck at a resistance level and could continue to lose value if bearish momentum persists. Technical indicators suggest that DOGE may fall further, with key support levels at $0.06 and $0.04. Despite stabilizing above a support level since January 3, DOGE has recently dropped below it and is expected to hit a low of $0.070 if negative momentum continues.
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