• Dogecoin price action is in a downtrend, with DOGE price squeezed against the monthly S1 support level at $0.18.
  • Bears will attempt to run toward $0.13 as the next profit level for them. 
  • If market sentiment continues its trend as on Tuesday, expect a possible test even at $0.10.

Dogecoin price (DOGE) action looks to fall further as it is shedding more of its value as bears attempt to squeeze against the bulls. For now, the S1 monthly support level is holding. A break below would spell 30% losses with a price target at $0.13.

Dogecoin price action is pushing bulls into a corner

The Dogecoin price favors the bears with a push of the price action against the monthly S1 pivot at $0.19. With that squeeze, bulls are standing to lose their ground and will expose their stops below the S1 monthly pivot. This will provide the bears a free lunch, and with not much resistance in the way, the road is paved toward $0.13.

DOGE price action might have some more tailwinds if markets fall into a repetition of the reaction markets had on Tuesday. With that, DOGE bulls will back off and will not be interested in picking up some Dogecoin or any other cryptocurrency for that matter. Expect a drop further toward $0.10, which holds the monthly S2 support level for the second month in a row.


DOGE/USD daily chart
 

DOGE/USD daily chart

DOGE bears will face quite a lot of bull buying at $0.10, as Dogecoin is marked at a very interesting discount around those levels. So bears should be, and will be, happy to lock in their profits and hand over the keys to the bulls. 

Should market sentiment shift back to risk-on, expect bulls to try and break out of the purple descending trend line and look for a run back up toward $0.26. There the 200-day Simple Moving Average (SMA), a historical level and the monthly Pivot are all quite close to one another. Bulls will face quite some selling around that area that could halt them in their tracks quite prematurely. 


 


Like this article? Help us with some feedback by answering this survey:

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 Join Telegram

Recommended content


Recommended Content

Editors’ Picks

If Tezos price clears this significant hurdle, XTZ holders are in for a treat

If Tezos price clears this significant hurdle, XTZ holders are in for a treat

Tezos price shows a steady grind toward its forecasted target. This development comes after a successful breakout from a bullish pattern. Investors can decide if they should hop on this train or stay away by looking at how XTZ reacts to an upcoming resistance level.

More Tezos news

Here’s what to do if you missed the recent AVAX price rally

Here’s what to do if you missed the recent AVAX price rally

AVAX price is likely to pull back after its 22% rally to the $25.83 support level, providing an opportunity for the next leg. The retracement is key in determining if it investors should add more to their holdings or consider booking profits.

More Avalanche news

Shiba Inu price hints at a 150% upswing, an opportunity too good to pass up

Shiba Inu price hints at a 150% upswing, an opportunity too good to pass up

Shiba Inu price has been hovering around a significant barrier for roughly three months with virtually no momentum to move above it. This development might be primed for a strong move but the directional bias remains unknown. 

More Shiba Inu news

Bitcoin Price Prediction: An update on the fractal forecast to $21,000

Bitcoin Price Prediction: An update on the fractal forecast to $21,000

Bitcoin price shows lackluster performance despite the announcement of BlackRock’s entry into crypto. Due to the spotlight on Ethereum and its upcoming Merge update, investors seem to be neglecting BTC.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP