Dogecoin price is at risk of falling to $0.18. According to the analyst, DOGE price is on the cutting edge and a significant drop is expected if buyers do not show interest. Fundamental data on the DOGE-1 satellite, funded by Dogecoin, also does not attract purchases. The threshold preventing Dogecoin from falling is getting harder and harder to overcome. Details cryptocoin.com‘in.
Analyst: Outlook gets tougher for Dogecoin
Dogecoin price, like the majority of the cryptocurrency market, has faced strong selling over the past few days. But unlike most altcoins, Doge is positioned against an imminent price drop, according to analyst Jonathan Morgan. DOGE price risks falling to $0.18, with a drop of over 75% to $0.08. Dogecoin price is at a tipping point. A close at or below the $0.23 value area will likely create a quick move to the $0.18 level. From there, Dogecoin is at risk of major downside movements.
Looking at the 2021 Volume Profile shows an extremely thin trading range between $0.18 and $0.08 – hardly any trades took place between these price levels. This is worrisome as the price acts like a gap to these lower volume levels. In other words, if Dogecoin price dips below $0.18, the next high volume node is likely to be “sucked” into an empty volume gap. Despite the bullish news about a future lunar satellite dubbed DOGE-1 that is fully financed by Dogecoin, there has been little interest in supporting the Dogecoin price. This can be observed by looking at oscillators.
Dogecoin price has a tough way to invalidate the near-term bearish outlook. Due to its Volume Profile, it is easier for Dogecoin to move lower than move higher. Dogecoin also needs to close above all Ichimoku levels on the weekly chart to return to a clear bull market. This will only happen if Dogecoin rallies and is close to at least $0.38.
Could it be a buying opportunity?
On the other hand, according to analyst Akash Girimath, DOGE price may need to provide a potential buying opportunity amid the market sell-off. The Doge is on its way to a 15% retracement to the stable support at $0.196. The last two times DOGE retested $0.196, followed by a 70% increase. Breaking the $0.16 demand barrier would trigger a 48% correction. Dogecoin price has not shown any strength as peer meme coins hit new highs. Market instability seems to be affecting DOGE as it has been in free fall for about three weeks. However, this downward trend could end if history repeats itself.
Dogecoin price has dropped 32% over the past three weeks, showing that no more is coming as the major cryptocurrency remains unstable. DOGE is likely to correct another 15% and revisit the $0.196 support level. While the short-term outlook is bearish, market participants can expect Dogecoin price to show some sort of slightly bullish response as it approaches $0.196. The last two times (August 4, September 28), DOGE retested this barrier, with a 70% increase observed over two to four weeks. Investors can expect the current pullback to stabilize around this support level, making it a good buying opportunity. In an optimistic situation, Dogecoin price is likely to bounce back from $0.196 and trigger another rapid rise that could push DOGE to $0.311.
An increase in the selling pressure near $0.196 could lead to a retest of the most important support level at $0.16. If Dogecoin price produces a daily close below this barrier, it will invalidate the bullish argument and potentially trigger a 50% correction to the $0.08 support base.
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