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Analysis

Why $DOGE is at Risk of 25% Fall

Dogecoin Price Prediction: Amid the current uncertainty in the crypto market, the DOGE price witnessed a sharp reversal from the $0.087 peak, This pullback has tumbled the memcoin’s market value by 13.2% in the last 4 days currently trading at $0.077 mark. However, is this rejection a minor retracement or a change in traders’ sentiment?

This Dog-themed is likely to remain in news highlights and on investors’ attention as it is set to land on Earth’s moon as per the recent announcement. On December 23, 2023, Astrobotic’s Peregrine spacecraft is scheduled to transport physical Dogecoin (DOGE) and Bitcoin (BTC) to the lunar surface.

Dogecoin Price Prediction: $DOGE Reverted from 700-days Resistance

  • A bearish reversal from the upper trendline of the triangle pattern sets the DOGE price for a 25% fall
  • The current correction may find suitable support at $0.068
  • The 24-hour trading volume in Dogecoin is $6.9 Million, indicating a 21% gain.

Source-Tradingview

The weekly time frame chart shows the Dogecoin price has been trading sideways for over one-and-a-half years under the influence of a symmetrical triangle pattern. The DOGE price has rebounded several 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.

Thus, with sustained selling, the DOGE price is poised for a 25% drop and revisits the pattern’s lower trendline around the $0.056 mark.

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.

DOGE vs SHIB Performance

Source: Coingape| Dogecoin Vs Shiba Inu Price

The last three months’ price behavior indicates the leading memecoins, DOGE, and SHIB have enjoyed substantial gains during the October-November rally. However, closer inspection suggests that the current market uncertainties have more significantly impacted the Shiba Inu price, as it begins to show a pattern of lower highs, indicating the potential for a larger decline if market sentiment turns bearish.

  • Average Directional Index: The ADX slope recently turned down from a peak of 44%, suggesting a waning of bullish momentum.
  • Exponential Moving Average: The 200-day EMA, positioned around the $0.069 mark, provides a strong support zone.

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