Dogecoin Price Forecast: DOGE at risk of 15% correction as Death Cross emerges

  • Dogecoin price suffers a blow following the appearance of a death cross on the daily chart. 
  • DOGE may see a drop of 15% as selling pressure continues to suppress the token’s growth. 
  • Until Dogecoin price slices through either of the governing trend lines of the chart pattern, it may continue to oscillate within the triangle, moving sideways. 

Dogecoin price is vulnerable to a 15% drop following the emergence of a bearish signal on the daily chart. DOGE bears are preparing for a descent toward $0.204 before the meme token could discover a strong foothold to prevent further descent. 

Dogecoin price confronts Death Cross

Dogecoin price is retracing after nearly a 40% recovery from the swing low at $0.193 on September 29. Despite the optimism seen over the past week amid the DOGE rally, the token seems to be erasing the gains recorded over the same period. 

On the daily chart, a Death Cross has emerged, as the 50-day Simple Moving Average (SMA) crossed below the 200-day SMA. The technical indicator suggests that there is potential for a DOGE sell-off and only appears on a chart when the asset’s short-term moving average crosses below its long-term moving average.

The meme token has also formed a symmetrical triangle on the daily chart, as DOGE continues to record lower highs and higher lows. Given the aforementioned sell-off signal, Dogecoin bears would likely target a slide toward the downside trend line of the prevailing chart pattern before the token reveals further directional intentions. 

Dogecoin price may discover immediate support at the 100-day SMA, which sits at $0.240 before falling toward the 38.2% Fibonacci retracement level at $0.232. Further selling pressure would see DOGE drop to tag the 20-day SMA at $0.220. Only slicing below this level would put the bearish target of a 15% nosedive toward the 23.6% Fibonacci retracement level that meets the lower boundary of the triangle at $0.204 on the radar.


DOGE/USDT daily chart

Trading volume has substantially decreased since the start of the chart pattern formation in June, while the sell orders continue to dominate the Dogecoin market. The Arms Index (TRIN), which gauges overall market sentiment, indicates that the bears are prevailing with greater selling pressure than buying pressure in DOGE.

In order for Dogecoin price to initiate a recovery, DOGE must slice above the 50-day SMA, which sits at the 50% Fibonacci retracement level at $0.254. If the bulls manage to lift prices higher against the overpowering distribution of the sellers, the meme token will then target the 200-day SMA at $0.264 before aiming to reach the 61.8% Fibonacci retracement level at $0.277 that coincides with the topside trend line of the governing chart pattern. 

Until Dogecoin price manages to break above the upper boundary of the triangle pattern, DOGE may continue to oscillate within the chart pattern until DOGE slices through either of the governing boundaries of the technical pattern. The token may then expect a 64% move. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Omicron crypto surges over 200% after being named as new COVID-19 variant

While cryptocurrency prices retraced after the new coronavirus variant Omicron emerged earlier this week, the digital asset with the same name gained popularity and surged over 200%. The small-cap crypto describes itself as a decentralized reserve currency on the Abribtrum Network.

More Cryptocurrencies News

SafeMoon price dips into buy zone, hints at the start of an 80% bull run

SafeMoon price saw its uptrend face a massive blockade, triggering the start of a huge pullback. Due to the retest of a bullish zone, market participants can expect SAFEMOON to restart its bull rally. SafeMoon price rose 484% from its low at $0.00000104 to $0.00000609 in a month.

More SafeMoon news

Basic Attention Token bucks downtrend with explosive rally to new all-time high

Basic Attention Token has snubbed the crypto downtrend and hit a new all-time high above $1.90. Brave browser has crossed 42 million active users, and BAT token utility is on the rise. Analysts predict a rally in the token.

More Cryptocurrencies news

Vitalik Buterin announces Ethereum scaling roadmap using the Graph protocol

Ethereum co-founder Vitalik Buterin revealed a strategic roadmap to expand the available data space for rollups using Graph protocol. The token’s trade volume has increased, and analysts expect an upwards move in GRT price. 

More Ethereum news

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!