Dogecoin has recorded some minimal gain in recent times till now. Nevertheless, at this point, it seems like things are about to make a U-turn for this crypto. Furthermore, activities of the trading indicator are portraying signs of trend correction. However, critical study needs to be given to this market, to deduce the better trading decisions for traders in this market to make.
Dogecoin Tokenomics:
DOGE current price: $0.0708
DOGE market cap: $9.4 billion
DOGE circulating supply:132.7 billion
DOGE total supply: 132.7 billion
DOGE Coinmarketcap ranking: #11
So, in this Forecast, we shall be analyzing the DOGECOIN market against the US dollar and the crypto king: Bitcoin. This analysis will aim to carefully study market signs from indicators, to obtain good trading moves.
Major Price Levels:
Resistance levels: $0.0690, $0.0700, $0.0708
Support levels: $0.0687, $0.0675, $0.0655
Dogecoin Price Prediction: Dogecoin May Be at the Verge of a Downtrend
The DOGE/USD daily chart shows that this crypto is already attempting to trend downwards. We can perceive that the latest bullish candle is already been sliced by the 9-day EMA. Also, the 21-day EMA isn’t very far behind, as both lines are close to each other. From here it can be assumed that the EMA lines may soon cross above the price motion. Eventually, this will cause price action to sink downwards, as this will signify a downtrend. Also, the appearance of any bearish candle at this point may significantly bring price action below the EMA lines. This will also sink price movements in the downward direction.
Additional readings supporting the possible downward correction are the reading from the Stochastic RSI. The SRSI indicator portrays that indecision has set into the market. This is seen in the behavior of these Indicator threads. It can be seen that the two threads have already crossed each other twice. Also, since these threads have already reached the oversold region, we can assume that a downward correction isn’t far away. This is because there isn’t much room left before reaching the maximum oversold area of 100%, since the SRSI is currently at around 90%. As a result, traders should place a sell order at $0.06700, in case the reversal eventually occurs.
Dogecoin Price Prediction: Dogecoin has Begun a Downward Correction Against BTC
The DOGE/BTC chart reveals that a downward correction has already started in this market. The latest candle that appeared on this chart is a bearish one. Also, the EMA lines have converged and are now cutting across the last three candles on the chart.
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Another sign confirming the downtrend in this market is the portrayed activities on the SRSI indicator. Here we can see the indicator thread taking a dive at first, then it attempted a correction on the appearance of a bullish candle. Subsequently, the downtrend resumes and the indicator threads are now plunging downwards again. This downtrend may not be strong as such, since the threads are a bit close. Should Dogecoin’s performance against the dollar gets better this may cause the value of this pair to reverse upwards. However, the value of this pair may find support around $0.00000290 or $0.00000280.
Dogecoin has been in a bearish downtrend for over a year now, since its all time high in May 2021 – therefore it might be a better idea to invest in a meme coin with more utility, such as Tamadoge which is a play to earn coin of a crypto game. TAMA is also at a lower price (on presale now) so it’s potentially like buying Dogecoin back in 2020.
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