Is DOGE Price Heading to $0.1?
The breakout of the Flag pattern indicates the end of the correction trend. If there is a bullish breakout from the flag pattern, it would confirm the end of the correction trendline. The 24-hour trading volume in Dogecoin is $2.58 Billion, showing a 58% gain.
Although the Dogecoin price trend is currently in a correction phase and may experience a sharp fall, there is a possibility of a bounce-back when it reaches a potential retest zone. In the short term, the correction phase forms a falling channel pattern that completes a flag pattern with the prevailing uptrend. Traders can take advantage of this minor pullback by entering at the 38.20% Fibonacci level, which is at $0.088.
The ongoing correction has resulted in a drop of 16.2% as DOGE buyers fail to maintain dominance at the psychological mark of $0.10.
Currently, the DOGE price is continuing its falling trend within a channel and may retest bottom support levels at $0.88 and $0.83 if selling pressure persists. However, there is potential for a quick recovery if immediate support at $0.88 holds, but there is also downside potential that could challenge the $0.77 support level.
Pullback Teases Bull Run To $1.4 in January
The New Year rally is expected to bring a bullish trend to the entire crypto market, including meme coins like Dogecoin. With the possibility of a surge in Bitcoin price, meme coins will gain momentum and reach new levels, including Dogecoin, which may reach the $1.4 mark in the coming months due to strong community support.
- Moving Average Convergence/Divergence (MACD): A bearish crossover between MACD and signal indicates an active correction trend.
- Bollinger Band: The narrow range of the Bollinger Band indicator reflects increasing volatility and uncertainty in the market.
Hot Take: Dogecoin Price Prediction
Amidst the broader market correction, Dogecoin has experienced a notable pullback from its resistance at $0.107. This retracement is seen as a healthy correction according to Fibonacci retracement levels, suggesting a potential continuation of the uptrend. The breakout of the Flag pattern indicates a possible end to the correction trend. Despite the current correction phase, there is a chance for a bounce-back when Dogecoin reaches a potential retest zone. Traders can take advantage of this by entering at the 38.20% Fibonacci level at $0.088. The future holds potential for a bull run that could push Dogecoin’s price up to $1.4 in January.
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