Dogecoin nowadays is showing huge signs of weakness and hence the volatility rate is expected to remain high. The popular memetoken is on the verge to break through the crucial support levels and test lower support zones yet again.
While currently the asset is pointing towards an extreme downtrend, the possibilities of a flip remain distinct for a pretty longer time. And hence getting into the DOGE deal may be pretty risky as the asset is showing signs of extreme weakness and waiting until the asset shows some signs of recovery.
DOGE price after rejecting from one of the important support zones at $0.2, had found its new support at $0.1615. But currently, the asset has rejected these levels and an hourly close below these levels may drag the price towards more lower levels ahead.
No doubt the price had flipped notably when it plunged below these crucial levels, but currently market sentiments are extremely bearish that may not assist a rebound at the press time.
Just before the beginning of the past weekend, the asset gained immense bullish momentum which followed by Elon Musk announcing Dogecoin payments for some of Tesla’s merchandise.
While it was expected the impact would remain for a longer time, yet the asset shed all of its gains and is currently hovering around the same,initial levels. Moreover, the price is feared to fall below these levels and find lower supports in the next couple of hours.
Important levels to keep a close watch:
- DOGE price is expected to shed another $0.06 to $0.08 in its value and revisit the levels below $0.155
- The price trend is appearing pretty weak and the weakness is expected to continue for 4 to 8 weeks more
- The asset is maintaining a very low-key trend from a long time, testing the lower support levels every now and then. And hence one can expect a significant pullback which is very important to attract new buyers from the lows
- Currently the probability of a upside in the market is pretty low and hence the position traders are required wait before heading in
Source: https://coinpedia.org/price-analysis/doge-price-fears-to-deplete-at-3x-speed-soon-will-dogecoin-go-up-again/