Price Analysis View Non-AMP

DOGE Price Fall Teases A Pivotal Entry For Massive Surge

Published by
Sohrab Khawas

With a massive fall in the crypto market, the highly volatile meme coins are taking the biggest hit. Amidst the plethora of meme coins, Dogecoin, with the biggest market cap, experiences a 17% drop in DOGE token price. 

However, the crash in the last 48 hours brings an entry opportunity for loyal HODLers and long-term players. But will the Dogecoin price take a bullish route anytime soon in the short term? Will the meme coin hit $1 in the next jump? Read our DOGE price prediction NOW to find out. 

Dogecoin Under Pressure Retests $0.18

The DOGE price shows two consecutive red candles with the overall market trend under a bearish flag. This theme is followed by most altcoins and reflects the sellers dominating the trend. 

Tradingview

Amidst the bearish control, the DOGE price retests the bullish breakout of the $0.18 mark. With a double top formation, the retest comes with a huge increase in overhead supply. 

Currently, the DOGE price trades at $0.1850 and forms a dragonfly candle with a long tail. This comes as a bullish attempt to avoid a bearish closing under the critical demand zone. 

With this candle, the chances of a reversal regain significance and project underlying demand. However, the DMI indicator shows a small dip in the ADX line as the VI lines prepare a negative crossover. 

Will DOGE Price Bounce Back?

As per the trend-based Fibonacci levels, the retest of $0.18 comes as the retest of 50% Fibonacci level. This reflects a strong presence of bullish elements at the level. Hence, the chances of a bounce back are increasing, signaling a buy the dip opportunity. 

Considering the uptrend regains momentum, the DOGE price could hit the $0.2964 mark in a fortnight. On the flipside, the downfall continuation under $0.18 might retest the dynamic support of 50D EMA at $0.1532.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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