Dogecoin price prediction turned mildly bearish for the next month due to the panic sell-off in the crypto market.
DOGE price fell 14.24% in the current week and formed a giant bearish candle. However, prices showed a minor pull back but the positive momentum is still lost.
Dogecoin price also dropped below the 50-day and 200-day EMA. It showcases the trend has reversed and sellers dominance is visible on higher levels. In the past two months, Dogecoin price recovered 40% approx from the yearly lows.
At the end of July, DOGE price gained positive momentum due to Twitter X. Later, it attempted to break out of the $0.08500 hurdle to bring back the confidence of long term investors.
Buyers failed to give the follow up momentum and price got stuck in the narrow range consolidation. Recently, Dogecoin crypto price fell due to massive sell-off in Bitcoin and Ethereum. It negatively impacted the DOGE as well as the other Altcoins.
Dogecoin price is trading at $0.06419 with an intraday rise of 0.63%. The 24 hour volume to market cap is 2.46%.
Dogecoin Price looks oversold?
Dogecoin price prediction states that it will remain bearish till it trades below $0.08000 level. The recent correction has eroded the previous gains and returns back to the yearly low.
DOGE price is quite volatile and highly speculative so a short term pull back rally may trigger anytime from the lower levels. Moreover, the Dogecoin price is near to the demand zone and buyers will also try their best to rebound.
On the higher side, EMAs will act as an immediate hurdle for the bulls. The technical analysis suggests that DOGE price is oversold and might enter into consolidation.
DOGE Price Turned Bearish
DOGE price is mildly bearish on a daily and weekly timeframe. If the BTC price begins to recover then it will increase the probability of the pullback rally in DOGE. As of now no signs of recovery are visible.
The MACD generated a negative crossover and the curve sloping down indicates bearishness. The RSI at 35 denotes weakness but near to oversold territory. The supertrend generated a sell signal which invites further decline.
Conclusion
Dogecoin price prediction turned bearish for next month. It formed a bearish pattern and trading near to the yearly low. The technical analysis suggests that DOGE price is oversold and short term pullback is possible.
Technical levels
- Resistance levels: $0.07762 and $0.08378
- Support levels: $0.06000 and $0.05283
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/20/dogecoin-price-prediction-doge-price-preparing-for-new-low/