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Dogecoin Price Prediction: Bulls to endure more challenges in 2023

  • Dogecoin price is down 28% since December's opening price.
  • DOGE IS submerged under three key moving averages.
  • Invalidation of the bearish thesis could arise from of the $0.08 resistance zone.

Dogecoin price is enduring pressure from an ongoing downtrend. If market conditions persist, DOGE could eliminate the yearly low established in the summer.

Dogecoin price faces resistance

Dogecoin price is at a 28% loss of market value for December, bringing the DOGE price to a total of 85% below the all-time high at $0.74. On December 24, the notorious meme coin continues to trend over a descending parallel channel as it has for several weeks.

Dogecoin price currently auctions at $0.072. The upper bounds of the parallel channel have acted as resistance on several occasions in December, with a 21% decline as the strongest move to date. The 50-day, 100-day and 2

-00-day simple moving averages each hover above DOGE's current trading range, giving a general bearish bias for the world's favorite dog coin.

The next collision with the descending parallel channel is likely to occur within 24 hours. If the bears are successful again, DOGE could mimic the strength of the previous decline and descend by 20%. The Dogecoin price would fall into the $0.061 zone and potentially create a scenario to tag the 2021 low at $.057.

tm/doge/12/24/22

DOGEUSDT 1-Day Chart 

A second attempt to pierce the Sunday low at $0.069 could catalyze the next downtrend rally. Invalidation of the bearish thesis could occur, but the bulls will need to reconquer the 50-day simple moving average at $0.08 to do so. If the bulls are successful, the DOGE price could rally towards the midpoint of December's downtrend near $0.095, resulting in a 25% increase from the current Dogecoin price.

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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