DOGE Price Prediction: Will $0.06 Support Serve as a Springboard for Renewed Rally?
In recent days, the broader altcoin market has experienced noticeable sell-offs, and Dogecoin has been no exception. On September 10th, Dogecoin price dipped, breaking away from a dynamic support trend that had previously held firm for almost three weeks. This trend had been acting as a gentle cushion for DOGE, but its breach signaled a potential continuation of the bearish momentum threatening the memecoin of losing the $0.06 mark.
Also Read: DOGE Price Prediction: Where Is Dogecoin Heading After Today’s 6% Drop?
Post-Breakdown Fall May Push DOGE Price to $0.056
- Support trendline breakdown sets DOGE price fall by 8.5%
- The crypto holders are witnessing high demand pressure near $0.06
- The 24-hour trading volume in the Dogecoin coin is $266.5 Million, indicating a 12% gain
Source-Tradingview
The ongoing correction in Dogecoin price has witnessed an increased demand pressure near the $0.06 mark. This demand was evident as prices saw minor rejections on the downside in the subsequent days, paving the way for a retest.
With an intraday hike of 2.3%, DOGE price value edged up to a trading price of $0.061. This move is crucial as it will determine whether the earlier support, now potentially turned resistance, is strong enough to bolster further declines.
If sellers maintain their grip, we might see Dog-themed memecoin dropping by another 8%, taking aim at the $0.056 mark.
[converter id=”doge-dogecoin” url=”https://coingape.com/price/converter/doge-to-usd/?amount=1″]
Can Dogecoin Reclaim $0.06 Mark?
While current signals lean towards a bearish trajectory for Dogecoin, the prevailing uncertainty and FUD in the crypto space hint at a potential counter-trend move. Should buyers successfully challenge and surpass the previously indicated trendline, especially the $0.064 resistance level, it would counteract the bearish narrative. This could serve as a catalyst, paving the way for the coin to solidify its position back in the $0.06 range.
- Relative Strength Indicator: The daily RSI slope below 40% ensures the sellers’ strength for a further downfall
- Bollinger Band: The lower band of the Bollinger Band indicator challenged on the downside indicates the overall selling momentum persists.
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