Dogecoin Price Analysis: Will $DOGE Price Fall Back to $0.6?

Dogecoin Price Analysis: For nearly a month, the Dogecoin price witnessed a sideways trend between the $0.075 and $0.069 levels responding to broader market uncertainty. However, with the recent sell-off in the crypto market, the range formation resulted in the sellers’ favor as the price plunged below $0.069. This breakdown hints the DOGE price is likely to resume the prevailing downtrend.

Also Read: Elon Musk Shills Dogecoin as SEC Designates Top Cryptos as Securities

Dogecoin Price Daily Chart

• A bearish breakdown from the $0.069 support could tumble the DOGE price by 17%
• The 20-day EMA slope imposes dynamic resistance on coin buyers
• The 24-hour trading volume in the Dogecoin coin is $402.5 Million, indicating a 6.6% gain.

Source-Tradingview 

On June 5th, the Dogecoin price registered an intraday loss of 8.5% and gave a massive breakdown from the $0.069 support. Losing this crucial support reflects the sellers’ continuing to hold a dominant hand and will further influence this memecoin.

By the press time, the DOGE price trades at $0.068 with an intraday gain of 3.2%. This bullish candle retests the breached support as potential resistance and checks whether the price can sustain lower levels or not.

In case it does, the sellers may drive the coin 17% down to reach the combined support of $0.568 and the support trendline of the channel pattern.

The bearish thesis will get invalidated if the price jumped back above $0.069

Will Dogecoin Price Tumble to $0.056

A breakdown below the monthly range support of $0.069 accelerates the selling pressure on the DOGE price. This breakdown could trigger a significant downfall to lead the prices to $0.628, followed by $0.56. However, the $0.56 support aligned with channel pattern support creates a strong accumulation zone.

• Directional Movement Index: A large gap between the bearishly aligned DI-(orange) and DI+(blue) slope indicates a bear trend.
• Exponential Moving Average: The downsloping daily EMAs(20, 50, 100, and 200) create multiple hurdles on the upside.