DOGE Crashes 8% Daily, How Low Can it Drop? (Dogecoin Price Analysis)


DOGE has lost its sparkle after failing to move beyond the key resistance. This put bears in charge, and they seem eager to take the price lower.

Dogecoin Price Analysis

Key Support levels: $0.075

Key Resistance levels: $0.11

The key resistance at $0.11 has stopped the bull’s most recent attempt to move DOGE’s price higher. This has created a lower high on the chart and turned the price action bearish. Sellers appear in control now, and the price could quickly fall back on the support at $0.075.

DOGEUSDT_2022-12-12_19-03-58
Chart by TradingView

Technical Indicators

Trading Volume: The volume is flat and closed in red for the past two weeks. This is bearish.

RSI: The daily RSI is falling and may make a lower low at this rate. Since the RSI is now under 50 points, the outlook leans toward negative.

MACD: The daily MACD made a bearish cross last Friday, and the selling momentum has intensified since. The most recent rejection at the key resistance has emboldened bears.

DOGEUSDT_2022-12-12_19-04-12
Chart by TradingView

Bias

The bias for DOGE is bearish.

Short-Term Prediction for DOGE Price

Dogecoin is found in a large correction after its parabolic rise in late October. The current price action suggests that DOGE seems more likely to re-test the key support at $0.075 before buyers eventually return.

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Cryptocurrency charts by TradingView.



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