throughout November dogecoin Its price has fluctuated significantly due to recent events in the crypto market involving the Bitcoin spot ETF and the legal challenges faced by Binance. Despite the visible price fluctuations seen on the daily chart, these movements did not contribute significantly to a particular trend and showed a lack of dominance by bulls or bears. However, in the midst of this consolidation, DOGE has committed to a triangle formation and a newly formed ascending support trend line, potentially impacting the trend in the near future.
Dogecoin Price Prediction: Will DOGE Drop to $0.06
- The rising Dogecoin price may witness intense supply pressure at $0.083.
- The ongoing recovery may continue until the newly emerged support trend line is intact.
- The 24-hour trading volume on Dogecoin is $620 Million, indicating a gain of 25%.
Koinfinans.com Popular as we reported meme coin, attracted the attention of investors due to its involvement in a space program. Latest updates confirm that after nearly two years of delays, the Nova-C/IM-1 launch will go ahead, which includes the deployment of the DOGE-1 Cubesat, which will carry Dogecoin on its journey throughout the mission. The DOGE-1 lunar mission received the green light to launch on January 12 next year.
As of now, DOGE price is trading at $0.08. In addition, it is gradually rising under the influence of a new support trend line. Despite the increasing uncertainty in November, this meme coin price witnessed dynamic support from this ascending trend line multiple times, helping buyers maintain a consistent rally.
As a result, the rising price is expected to climb by around 5% before encountering resistance at the upper trend line of the long-standing triangle formation, near $0.084. Historical data shows that retesting this trend line usually leads to increased bearish momentum and significant corrections.
Therefore, a possible reversal from this trend line, confirmed by the break of the previously mentioned support trend line, could intensify supply pressure. In this scenario, DOGE could fall to the lower trend line, potentially indicating a 28% loss from the current price.
Is Dogecoin Ready for an Uptrend?
For nearly two years, DOGE price has been in a horizontal trend influenced by a symmetrical triangle. If the Meme coin price reverses from the upper trend line as mentioned above, the sideways movement may continue next month. Therefore, prices must exhibit an upward breakout from the triangle formation before coin buyers can get a more definitive confirmation of the recovery.
- Relative Strength Index: A bearish divergence in the daily RSI slope indicates that bullish momentum is weakening and there is a higher potential for a reversal.
- Bollinger Bands: The relatively flat upper bound of the Bollinger Bands indicator could act as an additional barrier against buyers at $0.084.