Price Analysis

Dogecoin May be Poised For a 50% Upswing! Will DOGE Price Hit $0.2 Levels?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jan 30, 2022

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Highlights

    Dogecoin price is hovering around the same levels from a long time in the short term showcasing a healthy accumulation

    Yet the possibilities of a drastic plunge cannot be completely eliminated as the technicals are pretty bearish at the press time

Dogecoin nowadays appears to have lost the focus of the traders which is fueled by multiple external factors. The asset trends sideways until and unless it receives a major push. Therefore, despite the price hovering around upper levels, the DOGE price may plunge hard. Marking the beginning of the week on a bearish note, the asset is feared to hit the lower levels again. 

The DOGE price was trending within a narrow channel in between $0.13 to $0.2 and silently waiting for a breakout. The price recently popped out of consolidation after Tesla announced DOGE payments. But it just manifested a fakeout which was an indication of a trend reversal as it was unable to hold above $0.15. Moreover, it made a lower low instead of a higher low which fueled the prediction of a downtrend. 

Also Read: XRP Price Slowing Down Its Pace at Crucial Levels, May Plunge Hard Lower than $0.6 Soon!

  • Dogecoin forecast in short-term, mid-term and long-term is extremely bearish which could breach through well maintained at the middle bands of the channel
  • Despite the momentum is pretty bearish but remains a little inflecting as the MACD displays a rising red bars while the histogram has bottomed
  • On the other hand, the RSI is plunging hard and attained the levels below 50 showcasing a notable bearish trend
  • Interestingly the On-Balance Volume is flat which indicates the demand from the buyers and the supply form the sellers is equilibrium
  • The nearest resistance zone is around $0.15 to $0.16 while the support zone still resides strongly around $0.13.

Also Read: Huge Bitcoin Update! BTC Price Expected to Hit $140K in Q4 2022!

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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