Dogecoin (DOGE) Price Prediction for December 15
Dogecoin (DOGE), the most popular and largest cryptocurrency by market capitalization, could see its price fall as market sentiment begins to shift. The entire cryptocurrency market has been quite chaotic over the past few days, raising concerns about whether prices will rise or fall.
However, although the DOGE daily chart has formed a bearish price action, forecasting prices remains difficult to predict at this time.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, DOGE is currently holding key support at $0.383 after breaking out of an ascending triangle price action pattern. Following the recent ups and downs, which have been accompanied by wild swings, DOGE has successfully retested the breakdown level and is now finding support.
Based on recent price action and historical momentum, if dog If it fails to hold this support and close below $0.38, the stock is likely to drop 15% to $0.31 levels in the coming days.
However, DOGE’s relative strength index (RSI) currently sits at 50, which is still far from overbought territory, suggesting a potential price reversal in the coming days.
83.68% of DOGE traders hold long positions
In addition to bearish technical analysis, traders appear to be holding DOGE at support at $0.383, reports Onchain Analytics coin glass. The Binance DOGEUSDT long-short ratio currently stands at 5.13, indicating strong bullish sentiment in the market among traders.
In addition, data shows that currently, 83.68% of Binance’s top traders hold long positions and 16.32% hold short positions.
When combining these on-chain indicators with technical analysis, it appears that bulls are trying to keep the price above key support levels and prevent further price declines.
DOGE Current Price Momentum
At press time, DOGE was trading close to $0.39, with the price down more than 2.65% in the past 24 hours. Its trading volume fell by 26% during the same period, indicating reduced participation from traders and investors as sentiment turned bearish.
