Why Dogecoin Price May Fall Under $0.20
Dogecoin (DOGE) price is down more than 30% from its yearly high of $0.48 earlier this month. This decline is associated with multiple bearish signals, increasing the likelihood of further price declines.
Bearish pressure has increased as the year-end approaches, with technical indicators pointing to further declines in DOGE price, possibly below $0.20. That’s why.
Dogecoin’s bearish pattern puts it at risk
A “death cross” pattern has been formed on it DOGE/USD one-day chart. This is a bearish pattern that forms when an asset’s short-term moving average (usually the 50-day moving average) moves below its longer-term moving average (usually the 200-day moving average), indicating a shift in market sentiment from positive to negative.
The DOGE/USD chart shows that DOGE’s 50-day moving average fell below the 200-day moving average on December 18, and the meme token’s price has since plummeted 20%. This crossover is a bearish sign that the trend is weakening, with recent price declines outpacing longer-term price increases.
Additionally, bearish readings Super Trend Indicator from DOGE Confirming the possibility of further downside. As of this writing, DOGE’s price is below the indicator’s red line.
The Super Trend indicator tracks the overall direction and strength of an asset’s price trend. It appears as a line on a price chart that changes color to reflect the direction of the trend: red indicates a downward trend and green indicates an upward trend. When an asset price appears below a supertrend line, it indicates a downtrend, indicating that the bearish momentum is likely to continue.
DOGE Price Prediction: Meme Coin Eyes Sub $0.20
On the daily chart, DOGE is trading below resistance at $0.33. A sustained spike in selling pressure at this level could lead its price to fall to the $0.28 support.
If this support fails, the next key level for DOGE will be $0.23. If the bulls are unable to hold this level, the Meme token may drop below the $0.20 area, potentially reaching $0.17.
On the other hand, a successful break above the $0.33 resistance could boost DOGE It is close to its annual peak of $0.48.
Disclaimer
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