Dogecoin Price Prediction: DOGE in trouble as multiple technical indicators scream sell

  • Dogecoin price hints at a 75% upswing as the bull flag pattern develops.
  • A decisive close above $0.058 would indicate a start of a bullish breakout.
  • Mounting selling pressure could invalidate crucial support at $0.047 and push it down by 20% to $0.037.

Dogecoin price shows resilience even as a market-wide sell-off pushed many altcoins below crucial levels. Despite the bearish nature of the market, DOGE sits inside a bull flag pattern, suggesting a possibility of a 75% surge.

Dogecoin price needs to overcome multiple sell-signals

Dogecoin price action from January 30 to-date has resulted in a continuation pattern known as “bull flag.” The 300% surge between January 30 and February 7 resulted in the “flag pole,” while a series of lower highs and lower lows that followed it formed the “flag.”

The technical formation predicts a 75% bull rally determined by measuring the flag pole’s length and adding it to the breakout point at $0.058. This target puts DOGE at $0.1.

For a successful breakout, Dogecoin price needs to move past an immediate resistance level at $0.055, which coincides with the 50% Fibonacci retracement level. But, only a four-hour candlestick close above $0.058 would confirm a bullish breakout.

DOGE/USDT 4-hour chart

DOGE/USDT 4-hour chart

Dogecoin price is facing mounting sell pressure from multiple technical indicators. 

For instance, the SuperTrend indicator’s sell-signal has rejected DOGE’s bullish spikes thrice in the last five days. And the 50 four-hour moving average (MA) and the 100 four-hour MA have moved above Dogecoin price. These developments might threaten any future short-term buying momentum.

DOGE/USDT 4-hour chart

DOGE/USDT 4-hour chart

Therefore, if Dogecoin price slices below the initial support at $0.047 or the 38.2% Fibonacci retracement level, it could trigger a 20% sell-off. This drop puts DOGE at $0.037, which coincides with the 23.6% Fibonacci retracement level.

Depending on the market conditions, Dogecoin price might give the bull flag pattern another try from $0.037.

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

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets prepare for a bullish October

Bitcoin price is experiencing a momentary downswing as it sets up a falling wedge pattern. Similar to the big crypto, Ethereum price is also forming a bullish pattern. However, Ripple seems to be bouncing off a support floor without any technical formations in play.

More Bitcoin News

XRP and XLM in trouble as CBDCs aim to make cross-border remittances cheaper and faster

The outcome of recent Central Bank Digital Currency (CBDC) pilots shows slashed cost and reduced transaction time. Cryptocurrencies currently utilized for making cross-border settlements, Ripple (XRP) and Stellar Lumens (XLM), are likely to face stiff competition from CBDCs. 

More Ripple news

Shiba Inu price stabilizes as SHIB bulls prepare for 20% take-off

Shiba Inu price saw a massive uptrend on September 16 but was soon undone in the next couple of days as it approached a stable support floor. Investors can expect SHIB to launch here, retesting crucial resistance barriers.

More Shiba Inu News

Cardano price eyes 30% breakout if ADA bulls can overcome this strong hurdle

Cardano price is in a suspended state after its recent breakout from the bullish pattern. If ADA finds a launching pad, there is a high chance a new uptrend begins. Interestingly, there is a confluence of support, indicating a bullish outlook.

More Cardano News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast