Dogecoin Price Prediction: Will DOGE escape 100 days of rangebound trading?
|- Dogecoin price shows that it has been trading between $0.0705 and $0.0946 levels for nearly 100 days.
- Investors need to be cautious about the sell-stop liquidity resting below the immediate support at $0.0813.
- A daily candlestick close below $0.0813 will confirm a downward bias and crash DOGE by 13% to $0.0705.
Dogecoin price formed a range in early November and has been stuck inside these barriers to this day. Despite the recent bullishness in the market, DOGE has failed to escape this confinement, denoting the lack of interest in the meme coin among market participants.
Dogecoin price to take an important decision
Dogecoin price dropped 55% between November 1 and 9, and reached a selling climax at $0.0705. As buyers stepped in, DOGE bounced 34% in an attempt to recover losses, but buying pressure was exhausted at $0.0946. This move created a range that the meme coin has been stuck trading inside for nearly 100 days.
Although Dogecoin price briefly broke above this confinement in late November and early December, it was ephemeral. DOGE currently trades at $0.0861 after bouncing off the immediate support level at $0.0813.
With Bitcoin price rejection at the 200-week Simple Moving Average (SMA) and the $25,000 psychological level, crypto markets have started to slow down. So investors need to be careful. In the meantime, Dogecoin price can rally 9.5% to retest the buying climax at $0.0946, but any move beyond this level is highly unlikely considering the state of DOGE.
Therefore, the 100 days of rangebound movement will likely extend for the dog-themed crypto.
DOGE/USDT 1-day chart
On the other hand, a breakdown of the $0.0813 support level via a daily candlestick close would invalidate the downward bias for Dogecoin price. In such a case, DOGE is likely to crash 13% and tag the selling climax at $0.0705.
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