dogecoin (DOGE) price is currently just above a very important level. DOGE price could drop significantly if buyers’ strength wanes. So what levels should DOGE investors pay attention to?
The developments regarding the DOGE-1 satellite funded by Dogecoin (DOGE) no longer seem to satisfy the buyers. Although DOGE tries to overcome the ‘threshold’ that prevents the price from falling, the situation is getting more difficult with each passing day.
Dogecoin price, like the majority of the cryptocurrency market, has faced strong selling over the past few days. But unlike most altcoins dogecoin, is positioned against an imminent price drop.
Price Could Drop Below $0.18!
While DOGE price is currently at risk of falling below $0.18, it could shed more than 75%, bringing the total price down to $0.08.
The DOGE price is at a point where it can lose a lot at any moment. A close at or below the $0.23 value area will likely push the price towards the $0.18 level. If DOGE rebounds to these levels, even greater declines would come as no surprise.
Looking at the 2021 Volume Profile, there is an extremely thin trading range between $0.18 and $0.08. This appears to be worrisome as the price acts like a gap to these low volume levels.
Despite the DOGE-1 satellite news, the receivers don’t seem to have gained much ‘faith’. There continues to be little interest to support the DOGE price. The Composite Index is at an angle where it will soon pass below its moving averages. Additionally, the Relative Strength Index will be rejected against the initial overbought level in a bear market at 55.
DOGE seems to need serious strength right now to break this downtrend. Because of the volume profile, DOGE can move to lower levels much more easily than to move higher. DOGE price moves all over the weekly chart to return to a clear bull market. Ichimoku levels should be closed. This is something that will only happen if DOGE rallies and is close to at least $0.38.
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.