Dogecoin Price Forecast: DOGE is at risk of plummeting, according to technicals

  • Dogecoin price faces significant selling pressure in the short-term.
  • A key indicator has presented a strong sell signal on the 12-hour chart. 
  • DOGE bulls must defend a key support level to avoid a significant fall.

Dogecoin has been trading in a short-term downtrend, despite Mark Cuban’s positive comments in the past two days. The digital asset is at risk of a significant drop if it can’t stay above a critical support level.

Dogecoin price at risk of a significant correction

On the 12-hour chart, the TD Sequential indicator has just presented a sell signal. If Dogecoin price can’t hold the $0.054 support level at the 61.8% Fibonacci level, DOGE will likely fall towards $0.052 and as low as $0.049 at the 38.2% Fib level.

doge price

DOGE/USD 12-hour chart

The In/Out of the Money Around Price (IOMAP) model shows that the area between $0.053 and $0.054 is the most significant support range. A breakdown below this point will push Dogecoin price down to $0.049, the same price target given by the Fibonacci Retracement indicator, adding credence to this theory.

 doge price


To invalidate the sell signal, Dogecoin must climb above the last high of $0.0587 and see a 12-hour candlestick close there. The next resistance point is located at $0.063. 

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