Dogecoin bears have been gaining momentum for a few weeks now, and this trend is set to continue. There is a good chance that it will soon break out of its downward trend.
Right before the end of the year, Dogecoin (DOGE) has started the new year in a downtrend. This week’s situation is quite interesting, as we saw a short-term support line of DOGE breaking and forming a doji candle.
Dogecoin is the latest cryptocurrency to gain mainstream attention – but how long can it be the favorite of the altcoin market?
Summary of the situation
- The price of dogecoin has risen over 6,800% since the beginning of the year.
- Buyers could bypass the prevailing downtrend and push the price of DOGE towards $0.45 and $0.47.
- The RSI is already drifting into negative territory, suggesting that the bears could find their bottom at the falling wedge support.
Dogecoin Price Forecast: Price Overview
Dogecoin (DOGE) is up over 6,800% year to date and over 13,561% in the last 12 months. However, the currency seems to be caught in a bearish vortex and has been in this trend for three days in a row. The coin’s price is hovering between $0.28 and $0.30, with bulls trying to break above the 50-day simple moving average at $0.31. An influx of buyers could derail the current downtrend and push the price of DOGE towards $0.45 and $0.47. At the beginning of the weekend, the bears intensified a downward move towards the 2-day exponential moving average ($0.44). So the bears have the advantage of fixing the price and price target of $0.30. If the bulls cannot act quickly and correct the moving averages in their favor, there is a risk that the price will fall to $0.21. If they are strong and fast enough to keep the price above $0.31, a breakout to $0.47 and a subsequent rise to $0.57 is possible. The collapse of cryptocurrencies that began Wednesday has already wiped out more than 55% of investors’ capital. This destroys any significant hope of rapid consolidation. At the time of writing, DOGE is in a 14-day downward wedge formation at $0.2991.
Dogecoin price movement in the last 24 hours
The intraday price range for dogecoin is between the daily low of $0.2800 and the daily high of $0.3506. The currency has formed a bearish channel on the daily chart since the beginning. Dogecoin’s trendline on the 24-hour chart could become a hostage to the bulls and support a drop to $0.15. However, if the bulls can get support from the broader market, the next bullish target will be the level that coincides between the wedge resistance and the 50-day moving average. (Source: Tradeview)
Dogecoin price movement in the last 4 hours
The RSI is pointing into negative territory, suggesting that the bears could find their bottom at the $0.2602 falling wedge support level. If price manages to retest the breakout of the falling wedge, the bottom of the swing towards $0.1950 is imminent. Bulls can only bet on a bounce through the oblique support for Dogecoin to get above the 21-day moving average and then aim for the 200-day moving average, currently at $0.4199. (Source: Tradeview)
Elon Musk’s recent comments on DOGE have not led to any upward movement in the altcoin price. The currency has been trading along a downward trend line for the past 3 days and this could be due to China suppressing mining in the country. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.As cryptocurrencies continue to experience volatility and continued dips in value, more and more people are starting to look at alternative coins that have proven to be more stable and less volatile. One such alternative coin, Dogecoin, is starting to see some gains and is getting ready to make a move.. Read more about dogecoin news today and let us know what you think.
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