Dogecoin Price Prediction: Why $DOGE Is At Risk Of 28% Fall

Dogecoin Price Prediction: Throughout November, Dogecoin price experienced considerable volatility due to recent events in the crypto market involving the Bitcoin spot ETF and legal challenges faced by Binance. Despite noticeable price swings depicted on the daily chart, these movements did not contribute significantly to a specific trend, indicating a lack of dominance from either bulls or bears. However, amidst this consolidation, Dogecoin has shown adherence to a triangle pattern and a newly formed ascending support trendline, potentially influencing the near-future trend.

Also Read: Dogecoin Price Prediction: Will DOGE Rally As Addresses With A Balance Surpass 5M

Dogecoin Price Prediction: Will $DOGE Plunge to $0.06

• The rising Dogecoin price could witness intense supply pressure at $0.083
• The ongoing recovery may continue until the newly emerged support trendline is intact.
• The 24-hour trading volume in Dogecoin is $620 Million, indicating a 25% gain.

The popular meme cryptocurrency Dogecoin has garnered investors’ attention due to its involvement in a space program. The recent updates confirm that after nearly two years of delays, the Nova-C/IM-1 launch is set to proceed, encompassing the deployment of the DOGE-1 Cubesat which will carry Dogecoin on its journey throughout the mission. The DOGE-1 moon mission received the green light for launch on January 12 of the upcoming year.

As of the present time, the DOGE price is trading at $0.08 and is gradually ascending under the influence of a new support trendline. Despite the heightened uncertainty in November, this meme coin price witnessed dynamic support from this ascending trendline multiple times, aiding buyers in sustaining a consistent rally.

Consequently, the rising price is expected to climb around 5% before encountering resistance at the upper trendline of a longstanding triangle pattern, around the $0.084 mark. Historical data suggests that retesting this trendline often leads to increased bearish momentum and significant corrections. 

Thus, a potential reversal from this trendline, confirmed by a breakdown of the previously mentioned support trendline, could intensify supply pressure. In this scenario, Dogecoin might retreat to the lower trendline, potentially marking a 28% loss from the current price.

Is Dogecoin Ready for Uptrend?

For nearly two years, the DOGE price has been within a sideways trend influenced by a symmetrical triangle. Should the coin price reverse from the upper trendline as mentioned above, the lateral movement may persist for the upcoming month. Therefore, for coin buyers to receive a more conclusive confirmation of recovery, prices must exhibit an upward breakout from the triangle pattern.

• Relative Strength Index: A bearish divergence in the daily RSI slope indicates weakening bullish momentum and a higher potential for a reversal.
• Bollinger Bands: The relatively flat upper boundary of the Bollinger Bands indicator could serve as an additional barrier against buyers at $0.084.