Tech

DOGE Price could Slide 20% if Buyers Loss this Key Support

04/03/2023
Bitcoin Ethereum News
dogecoin doge News

Published 9 seconds ago

Dogecoin Price Prediction: In the daily time frame chart, the Dogecoin price has been strictly resonating between the two covering trendlines over the past five months. This downsloping trendline reveals the formation of a falling wedge pattern, giving specific direction to the ongoing downtrend. Here’s how this pattern may influence Dogecoins’ future price

Key Points

  • A bearish breakdown from $0.08 intensifies the selling momentum in the DOGE price
  • A falling wedge pattern governs the ongoing downtrend in DOGE/USDT pair
  • The 24-hour trading volume in the Dogecoin coin is $771 Billion, indicating a 17% loss.

TradingView ChartSource-Tradingview

On April 2nd, the Dogecoin price turned down from the resistance trendline of a falling wedge pattern. By the press time, the coin price trades at $0.774 but a bearish reversal from the downsloping trendline is likely to trigger a new bear cycle within the pattern.

With a potential breakdown, If the daily candle closes below the immediate support of $0.08, sellers will get an additional confirmation for a significant correction. The potential drop could tumble the DOGE price to lower support trendline, registering a 22% loss.

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However, this bearish reversal could face in between support at $0.07 and $0.065 levels.

However, in theory, a falling wedge pattern is a famous bullish continuation pattern and the decreasing price spread due to converging trendlines indicates the weakening of bearish momentum.

Thus, the dogecoin price will eventually breach the overhead trendline as an early sign of trend reversal.

Technical indicators

RSI: The daily RSI slope on the verge of dropping below the midline will give additional confirmation for the upcoming downfall.

EMAs: the flattish EMAs(20, 50, 100, and 200)reflect a sideways trend in the DOGE price.

Dogecoin Price Intraday Levels

  • Spot rate: $0.0773
  • Trend: Bearish
  • Volatility: Medium
  • Resistance levels- $0.08 and $0.091
  • Support levels- $0.07 and $0.06

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/dogecoin-price-prediction-doge-could-slide-20-if-loss-this-support/