Potential 25% Drop in Dogecoin Price: Factors Affecting $DOGE’s Forecast

Potential 25% Drop in Dogecoin Price: Factors Affecting $DOGE's Forecast

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.
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Dogecoin Price PredictionSource-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.

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Dogecoin (DOGE) vs SHIB Performance

Potential 25% Drop in Dogecoin Price: Factors Affecting $DOGE's ForecastSource: 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.
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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.

Author – Contributor at | Website

Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension.

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