With the massive decline in the crypto market, the highly volatile meme coins are taking the brunt. In this context dogecoin experienced a 17% decrease in price.
However, the collapse over the last 48 hours brings an entry opportunity for loyal HODLers and long-term players. But will Dogecoin price enter an upward trajectory in the short term anytime soon? meme coin Will it reach $1 in the next bounce? Predictions regarding this will be included in the rest of the news.
Dogecoin Retests $0.18 Under Pressure
DOGE price is showing two consecutive red candles along with the overall market trend under a bearish flag. This theme is most altcoin It is tracked by and reflects that sellers are dominating the trend.
Amid the bearish control, DOGE price is retesting the bullish breakout of the $0.18 mark. The retest with the double top formation comes with a huge increase in overall supply.
Currently, DOGE price is trading at $0.1850 and forming a long-tailed dragonfly candle. This comes as a bullish attempt to avoid a bearish close below the critical demand zone.
With this candle, the chances of reversal become important again and reflect the underlying demand. However, the DMI indicator shows a small dip in the ADX line while the VI lines are preparing a negative crossover.
Will DOGE Price Return?
According to trend-based Fibonacci levels, a retest of $0.18 would mean a retest of the 50% Fibonacci level. This reflects the strong presence of bullish elements in the level. Therefore, the chance of a rebound increases and indicates a dip buying opportunity.
Considering that the uptrend is gaining momentum again, DOGE price may reach the $0.2964 mark within two weeks. On the other hand, a continuation of the decline below $0.18 could retest the dynamic support of the 50D EMA at $0.1532.
