- Dogecoin price is under pressure from a combination of fundamental and technical sources.
- Continued movement further south, likely until after the Christmas holiday.
- Major Ichimoku gaps increase volatility for upside potential.
Dogecoin price action makes another push that hints at a massive breakdown before the Christmas holiday. However, downside momentum could still be muted and reverse course at any moment.
Dogecoin price slide lower and nears new eight-month lows
Dogecoin price continues to sit just above a massive capitulation zone. The capitulation zone is represented in the red shaded price range between $0.08 and $0.18. Since the flash crash on December 5, Dogecoin has struggled to make any meaningful drive higher with all pumps promptly sold off.
However, instead of a massive collapse in price, buyers appear to have stepped in and created a new high volume node in the $0.165 to $0.175 value areas. This may be an attempt to form a new floor before Dogecoin makes another push higher.
While the downside price action over the past two weeks has been a source of frustration for speculators, the overall internal bullish price structure within the $0.005/3-box reversal Point and Figure chart remains solid and valid. The hypothetical long entry has now shifted to a buy stop at $0.185, the stop loss at $0.1650, and the profit target remains at $0.335.
DOGE/USDT $0.005/3-box Reversal Point and Figure Chart
The hypothetical long entry is based on a 3-box reversal off the current column of Os, which is the first reversal column after Dogecoin price converted from a bear market into a bull market. In Point and Figure analysis, the pullback is viewed as a sign of strength, not weakness.
The long entry idea is invalidated if Dogecoin price moves below $0.14.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Solana price nears $60 after 6% rise in a day as institutions pour millions into SOL

Solana price trading at $58 is presently attempting to breach through the resistance level marked at $59. A rally is possible, given that SOL is witnessing a resurgence in bullishness. Month to date, Solana has witnessed inflows worth $40.2 million.
THORChain price climbs 15% as native RUNE secures self-custody wallet integration

THORChain (RUNE) price is pumping hard, recording a 15% addition to its market value on the day, alongside a 50% rise in trading volume. When price and trading volume rise in tandem, it often points to the asset gaining attention and therefore interest among buyers.
Up by 96% in a week, this altcoin is likely following Solana price rally from 2021

Solana was known as the “Ethereum killer” when it skyrocketed back in 2021; however, it did not manage to kill the DeFi home in any way. Similarly, many altcoins have since emerged that have been denoted as Solana killers, but hardly anyone has managed to do that.
Chainlink price readies for 10% gains as LINK staking v0.2 priority migration goes live
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) v0.2 migration has gone live, with the upgrade introducing a staking platform that ensures stakers enjoy greater flexibility. It also delivers improved security guarantees, a modular architecture, and a dynamic rewards mechanism.
Three key BTC accumulation levels before ETF approval in January 2024

Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.