|

Dogecoin Price Prediction: One more drop and then uptrend again?

  • \Dogecoin witnessed an 11% downswing last week.
  • DOGE has the potential for an additional 15% drop.
  • Invalidation of the bearish thesis will arrive if DOGE hurdles $0.092.

Dogecoin price is showing weak retaliation signals, which could suggest that investors are not finished taking profit from the winter rally. Key levels have been defined to gauge DOGE’s next potential landing ground.

Dogecoin price has room to fall

Dogecoin price is undergoing  bearish pressure during the second trading week of February as it consolidates in the mid-$0.08 zone. The technicals are forecasting the potential for another downswing in the days to come.

Dogecoin price currently auctions at $0.083 as bulls face resistance near the $0.09 region. If bulls do not reconquer the $0.084 level, it is likely that another downswing targeting the untested $0.068 liquidity zone will occur.

The Relative Strength Index suggests that DOGE is in a make-or-break situation, as the price is hovering over the last level of support after facing resistance near a crucial barrier during the final months of January. The RSI could suggest that DOGE still has the potential to bounce so long as it remains above the 40 levels. Therefore, traders must keep a healthy risk management strategy if they attempt to join the bears.

tm/doge/2/14/22

Invalidation of the bearish thesis would arrive from a breach of the $0.092 candlestick high that induced the 11% mudslide last week. A move above the barrier could put the Dogecoin price back on pace to rally toward the $0.14 liquidity zone, resulting in a 70% increase in market value.

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.

More from Tony M.
Share:

Editor's Picks

Solana Price Forecast: ETF inflows, bullish derivatives signal more upside

Solana steadies at $78 on Wednesday, up over 2% so far this week. Institutional demand shows positive signs with SOL spot Exchange Traded Funds recording a second consecutive day of inflow this week. In addition, strengthening derivatives metrics support further gains ahead.

Crypto Market Overview: Bitcoin holds firm as ONDO and GRAM lead rally

The broader cryptocurrency market is witnessing an easing of bearish momentum, with Bitcoin holding above $66,000. Altcoins including Ondo and Gram, formerly known as Toncoin, are leading gains over the last 24 hours, driven by new features. Bitcoin holds above $66,000 on Wednesday, following a 2% surge the previous day.

Top 3 Price Prediction: BTC extends gains, ETH and XRP target breakout moves

Bitcoin, Ethereum and Ripple remain on the front foot as the broader crypto market extends its gains so far this week. BTC leads gains after closing above key resistance while ETH and XRP near key technical hurdles where a breakout could pave the way for additional gains.

White House backs ethics deal as CLARITY Act faces August deadline

The White House has agreed to a comprehensive ethics provision for the Digital Asset Market Clarity Act, potentially clearing a major obstacle to the crypto regulation bill as lawmakers aim to advance it before the August recess. The agreement follows weeks of negotiations over rules aimed at preventing government officials from having conflicts of interest in the crypto industry.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.