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Dogecoin

Dogecoin Bearish Alert: Analyst Warns Of Potential Slide To $0.09, Here’s Why

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin (DOGE), like the other meme coins, has been facing severe bearish pressure and has not been able to attract a meaningful rally for a while now. Due to its recent price declines, determining the next price trajectory of the crypto asset has been a major discussion within the cryptocurrency landscape.

Delving into the subject, popular cryptocurrency analyst and enthusiast YG Crypto has issued a cautionary projection that has drawn the interest of the Dogecoin community, predicting that the largest meme coin’s value may drop to $0.09.

Dogecoin’s Next Price Trajectory To Be Determined By A Breakout

YG Crypto’s analysis is made in the midst of persistent market instability and increased volatility in the cryptocurrency space, which has experienced notable price swings and a bearish trend in recent weeks. His forecast delves into DOGE’s recent price action, especially a critical support zone that could lead to a price decline if the asset fails to hold around it.

Related Reading: Dogecoin Faces Downside Risk To $0.072 As Analyst Cites A Descending Triangle Formation

According to YG Crypto, Dogecoin is currently trading close to a crucial support zone between $0.11200 and $0.11500. Should DOGE break below the support range, the expert anticipates a deep correction, possibly reaching the $0.095 threshold. “The overall downward channel also suggests a bearish bias,” the analyst added.

Dogecoin
DOGE hovering near critical support zone $0.11200-$0.11500 | Source: YG Crypto on X

Although DOGE may be poised for a potential downward trend, YG Crypto believes there is still a possibility that the digital asset could turn around and start moving in an upward trajectory.

The expert noted that DOGE might be able to overcome dynamic resistance and bounce back to the $0.170 and $0.176 price levels once again if it can maintain a breakout above $0.16 and reach the upper limit of the channel.

This prediction from YG Crypto emphasizes how unstable Dogecoin’s price has been lately and how important market sentiment is in determining its value.​

Is A $1 Or $2 DOGE Possible?

Dogecoin, which is currently trading at about $0.12, has had difficulty holding onto its value during the wider market decline.​ Cryptocurrency analyst Kaleo has offered insights on the negative movement, noting that he would not be surprised if it dropped to $0.08 or $0.1.

Related Reading: Dogecoin Price Prediction: Analyst Forecasts ‘Massive Bounce’ Amid Surge In Volume

Kaleo highlighted that despite previous price pumps of 6,000% and 30,000% witnessed during the early days of DOGE, it has been moving sideways or down ever since. Given that these explosive moves occurred 8-9 months post-Bitcoin Halving, the analyst does not expect any major move until December and February next year.

Taking all of this into consideration, Kaleo believes the bullish trend could reverse and send DOGE to the 8 – 10 cent region, retracing the upward gain seen in February this year. “A similar trend break with a 30% drawdown and retrace happened in August of 2020, several months before the beginning of DOGE going mainstream and gigasending,” he added.

Even though Kaleo foresees a bearish trend for Dogecoin, he still believes it could hit the $1 and $2 threshold in the upcoming months, triggered by a memecoin supercycle.

Dogecoin
DOGE trading at $0.122 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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