Why the Dogecoin price could print new lows during Autumn


Share:
  • Dogecoin price has witnessed a sharp sell-off, losing 30% of market value since August.
  • The largest candlestick within the 3-day chart is in favor of the bears.
  • Invalidation of the bearish thesis remains a breach above $0.118.

Dogecoin price shows the bears are still in control. Key levels have been identified.

Dogecoin price is under pressure

Dogecoin price shows reasons to be concerned as the notorious meme coin has yet to retaliate against the bearish onslaught. Since the final days of August, Dogecoin price witnessed a devastating crash as breakout bulls were coerced into buying a smart money fake out near the $0.08 level. The resultant large bearish engulfing candle decimated all hopes for the anticipated bull run.

Dogecoin price currently auctions at $0.06 as the bears are forging resistance near the 8-day exponential and 21-day simple moving averages. The uptrend scenario looks ever more challenging as the largest candle within the trend currently owns the bears based on the 3-day chart. The bulls will need to find stable support above the moving averages to challenge the large candlestick high at $0.088, or an imminent fall occurs. 

tm/doge/9/14/22
DOGE USDT

If an additional plummet of equal value to the strongest candle occurs within the current trend, the DOGE price could fall to $0.049. Such a decline would result in a 22% decrease from the current market value. 

Still, last month’s bearish thesis remains in play with a definitive close above $0.118 to call an end to the downtrend mayhem. If the bulls can hurdle this barrier, a favorable bull market environment could be underway, giving bulls the power to target the 2021 swing high at $0.22.

 In the following video, our analysts deep dive into Dogecoin's price action, analysing key market interest levels. - FXStreet Team

 


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Dogecoin Price Prediction: DOGE refuses to let WIF have all the fun

Dogecoin Price Prediction: DOGE refuses to let WIF have all the fun

Dogecoin is leading meme coins north, even though Dogwifhat is outperforming it. With DOGE defending the gains, the upside potential remains alive and the meme coin could reclaim its March 2 peak. If Dogecoin price loses the $0.1356 support, it could weaken the bullish thesis, paving the way for an extended fall.

More Dogecoin News

Celo price confirms breakout after CELO L2 migration details

Celo price confirms breakout after CELO L2 migration details

Celo price broke out 15% on March 1, when the network executed its migration to Layer 2. CELO continues to hold above $1.1172, increasing the odds for a further upside. A break and close below $1.1022 would produce a lower low, provoking a continued drop.

More Celo News

Ethereum Price Prediction: The long game could see ETH climb 30%

Ethereum Price Prediction: The long game could see ETH climb 30%

Ethereum price has defended its range low of $884.51 since early 2021 while the $4,485.32 peak capped the upside. If ETH manages to close above $3,602.43, it could catalyze a continuation to the January 2021 peak. A break and close below the midrange of the channel at $2,684.92 would invalidate the bullish thesis.

More Ethereum News

GMX price could make a 50% climb as GMX’s daily chart is governed by a bullish pattern

GMX price could make a 50% climb as GMX’s daily chart is governed by a bullish pattern

GMX price has formed an inverse head and shoulder pattern on the daily timeframe. GMX could make a 49% climb if the price manages a daily candlestick close above $59.64 bullish. A break and close below $50.00 would invalidate the bullish thesis.

More GMX News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. 

Read full analysis

BTC

ETH

XRP