After the recent declines in Dogecoin (DOGE), the fear of “bear season” has begun. According to analysts, the bearish chart came under more pressure as the rises expected to show the bull chart were not strong enough. DOGE, which is currently at the level of $0.21, may enter a bear season with the continuation of this decline and serious decreases can be seen in prices.
Dogecoin, which was released as a joke coin and attracted great attention by users, has upset its investors about its price chart, although it has received many positive news recently. According to TRIN, because there are more sellers than buyers in the market, sharp decreases in prices will continue and a bear season may be experienced. DOGE’s price may drop 20% this bear season to $0.16 levels. Here are summaries of the analysis.
Following the bull market weakening, the number of buyers in DOGE has dropped sharply and has seen a 20% drop in value since Sept. 18. Despite this decline, buyers did not show sufficient demand and prices continued to decline, with the bear season graphic. On the bearish charts, DOGE may experience a serious depreciation of 33% in total.
Despite the declines in DOGE, DOGE, supported by the Fibonacci retracement level, manages to stay above the $0.20 level, but it may not be able to maintain its strength for a long time. $0.18, the low of June 23 and July 15, could be a much more important support level right now.
If a bullish pennant reappears on DOGE then there will be an attempt to recover and DOGE price will have to break the $0.21 resistance before attempting to set the 61.9% Finonacci retracement level to $0.23. The sudden buying pressure in DOGE could help prices push up from $0.25.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.