- Dogecoin price action enters back below the descending trend line.
- DOGE price set to continue downtrend as the geopolitical situation deteriorates market sentiment.
- Expect DOGE price to slip below $0.1 in the coming days once the monthly S1 support is broken.
Dogecoin (DOGE) price is set to start up its downtrend again as price action slips below the long-term red descending trend line from August 2021 again as geopolitical news and the looming Fed rate decision is weighing heavily on cryptocurrencies. The monthly S1 support level at $0.12 is the only nearby support to keep losses limited. Once that gives way, expect an accelerated sell-off towards $0.094, slipping below $0.1, and holding 30% losses.
Dogecoin bears ready to book 30% gains
Dogecoin price looked to be starting the week in a promising fashion as DOGE price booked gains on Sunday. But sentiment quickly deteriorated after a series of events on Monday morning as the geopolitical situation between Russia and the US worsened and market participants decided to stay on the sidelines ahead of the FED rate decision later in the week. As bears smell their opportunity to drive DOGE price lower, a break below the red descending trend line from August just adds arguments to their case to go in big for a short squeeze lower.
DOGE price will see the S1 monthly support at $0.12 as the first and only support element near-term as it held the dip on January 22. A break below would see lots of stops from bulls triggered and give bears a free ride towards $0.094, which was the low of April 14 and a pivotal point in the uptrend. Expect bears to book profits at that level, as it would constitute another 30% profit from entry at the red descending trendline near $0.13.
DOGE/USD daily chart
As previously mentioned, the S1 support level could still refrain DOGE price action from shedding additional value. When that level holds, expect markets to perceive this as proof that bullish presence is there and set the scene for a false dip followed by a breakout above the red descending trend line again. Bulls would then flock into the DOGE price reaction and ramp up price action back towards $0.16 or even $0.19, if current headwinds fade as quickly as they came.
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.
Recommended Content
Editors’ Picks

Dogecoin Price Prediction: Profit-taking in DOGE hits monthly high, raising the risk of a crash
Dogecoin (DOGE) hovers below its key weekly level of $0.18 at the time of writing on Monday, signaling a waning of bullish momentum. DOGE is flashing early warning signs, as on-chain data indicates rising selling pressure among holders, with profit-taking having surged to a monthly high and dormant wallet activity rising.

SPX6900 Price Forecast: Bullish continuation eyes new all-time high
SPX6900 (SPX) meme coin edges higher by almost 2% at press time on Monday, following a 4.71% brilliant recovery the previous day. The renewed confidence of whales in the meme coin is suspected to have catalyzed the recovery, resulting in increased optimism in SPX derivatives.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP stabilize near critical support levels
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing signs of stabilization around key support levels after a recent correction last week. BTC attempts to regain strength after closing below its critical support level, while ETH and XRP hover near technical thresholds that could determine the direction of their next moves.

Top Crypto Gainers Price Prediction: Jito, Bitcoin Cash, and Solana lead the market recovery
The broader cryptocurrency market ended the previous week with a minor recovery on Sunday. Holding gains from the prior day, Jito (JTO), Bitcoin Cash (BCH), and Solana (SOL) are the top performers over the last 24 hours. Despite a minor pullback on Monday, JTO, BCH, and SOL are close to breaking out critical levels, potentially extending gains this week.

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.