DOGE Faces Downside; Price May Hit $0.05 Low

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The Dogecoin price prediction is facing a downward trend; the dip is likely to worsen because of a recent decline in the crypto world.

Dogecoin Prediction Statistics Data:

Dogecoin price now – $0.07
Dogecoin market cap – $10.2 billion
Dogecoin circulating supply – 132.6 billion
Dogecoin total supply – 132.6 billion
Dogecoin Coinmarketcap ranking – #10

DOGE/USD Market

Key Levels:

Resistance levels: $0.11, $0.12, $0.13

Support levels: $0.05, $0.04, $0.03

DOGE/USD like many other top cryptos is trading on the negative side. The current pullback has been across the board, and Dogecoin is taking a strong hit as well. Currently trading at $0.07, it is dropping under the 9-day and 21-day moving averages at the time of writing this.

Dogecoin Price Prediction: Where is Dogecoin Price Going Next?

The Dogecoin price is seen heading to the downside as the coin stays below the 9-day and 21-day moving averages. On the downside, a move below the lower boundary of the channel; may increase the short-term selling pressure while the next supports may come at a psychological $0.05, $0.04, and $0.03. Meanwhile, any bullish movement above the 9-day and 21-day moving averages may reach the next resistance at $0.11, $0.12, and $0.13 levels.

On the positive side, the technical indicator could start a new bullish session. It is, however, not clear how long the session will last because, this month, the bearish signals are more frequent than the bullish signals. Therefore, it is important to watch the support levels coupled with the movement of other indicators like the Relative Strength Index (RSI) and the Moving Averages (MA).

DOGE/BTC Market: Bears May Come into Focus

Compared with Bitcoin, the market price remains within the channel, trading at 268 SAT breaking below the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a cross above this barrier, the bulls may end up dominating the market.

However, if the market drops more, the next key supports may come at 220 SAT and below. On the bullish side, a possible rise could push the market above the moving averages to hit the resistance level of 320 SAT and above. According to the technical indicator Relative Strength Index (14), the market may begin to move up as the signal line heads to the north.

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