Dogecoin (DOGE) Price Reversal: What to Expect?
After reaching a peak of $0.087, Dogecoin (DOGE) experienced a 13.2% decline in the past 4 days, as of now currently worth $0.077. The pullback has raised questions about whether this is a minor pullback or a change in trader sentiment. This attention is further fueled by the upcoming mission to the moon.
DOGE’s Pattern and Fall Projection
- Reversal from the upper trendline of the triangle pattern sets Dogecoin (DOGE) up for a 25% fall
- The present correction may find suitable support at $0.068
- The 24-hour volume of trading in Dogecoin (DOGE) is $6.9 Million, indicating a 21% gain.
Source-Tradingview
The weekly time frame chart shows the Dogecoin (DOGE) price has been trading sideways for over one-and-a-half years under the influence of a symmetrical triangle pattern. The Dogecoin (DOGE) price has rebounded plenty of times from the upper and lower trendline offering dynamic resistance and support.
On November 18, the coin price witnessed its latest reversal from the pattern’s upper trendline, which led to a sharp fall to the $0.0050689 mark. The historical data of this pattern shows every retest to the upper trendline has resulted in intensified selling pressure and a sharp fall toward the lower trend line.
Consequently, with sustained selling, the Dogecoin (DOGE) price is poised for a 25% fall and revisits the pattern’s lower trendline around the $0.056 mark.
Although while this near-term projection for this memecoin seems bearish, the coin holders may witness a prolonged sideways turn until the chart pattern is intact.
Dogecoin (DOGE) vs SHIB Performance
Source: Coingape| Dogecoin (DOGE) Vs Shiba Inu (SHIB) Price
The last 3 months’ price behavior indicates the leading memecoins, DOGE, and SHIB have enjoyed substantial gains during the October-November rally. Nonetheless, closer inspection implies that the present market uncertainties have more significantly impacted the Shiba Inu (SHIB) price, as it begins to show a pattern of lower highs, indicating the capacity for a larger decline if market sentiment turns bearish.
- ADX slope recently turned down from a peak of 44%, suggesting waning positive trend momentum.
- The 200-day EMA, positioned around the $0.069 mark, provides a strong support zone.
Hot Take
Although while DOGE’s recent retreat has sparked concerns, the capacity for a 25% fall is a possibility if selling pressure is sustained. Keep an eye on the $0.068 mark as a probable area for support, and closely monitor market sentiment for a probable increase in selling activity.
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