Dogecoin Price Prediction Faces a Downtrend; the decline is likely to worsen due to a recent decline in the crypto world.
Dogecoin prediction statistical data:
- Dogecoin price now – $0.064
- Dogecoin market cap – $8.5 billion
- Circulating supply of Dogecoin – 132.6 billion
- Total Dogecoin supply – 132.6 billion
- Dogecoin Coinmarketcap Ranking – #10
Resistance levels: $0.10, $0.11, $0.12
Support Levels: $0.03, $0.02, $0.01
DOGE/USD is at the time of writing trading on the negative side. The current pullback has been widespread and Dogecoin is also taking a hit. Currently trading at $0.0664, it is dropping below the 9-day and 21-day moving averages.
Dogecoin Price Prediction: Dogecoin Price Could Head South
The Dogecoin price is seen heading lower as the coin remains below the 9-day and 21-day moving averages. On the downside, a move towards the lower boundary of the channel may increase the short-term selling pressure, as the next supports could reach a psychological level of $0.03, $0.02 and $0.01. Meanwhile, any bullish moves above the upper boundary of the channel can hit the next resistance levels at $0.10, $0.11, and $0.12.
On the positive side, the technical indicator might start a new bullish session. However, it is not known how long the session will last because, this month, bearish signals are more frequent than bullish signals. Therefore, it is important to watch for support levels coupled with the movement of other indicators such as the Relative Strength Index (14) and Moving Averages (MA).
DOGE/BTC Market: Bears May Increase Selling Pressure
Against Bitcoin, the market price remains below the 9-day and 21-day moving averages trading at 292 SAT. Looking at the daily chart, if the coin can breach this barrier, the bulls could end up dominating the market.
However, if the market falls further, the next key support may be at 200 SAT and below. On the bullish side, a possible rise could push the market above the upper boundary of the channel to reach the resistance level of 400 SAT and above. According to the Relative Strength Index (14) technical indicator, the market may create further decline as the signal line moves south.
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