- DOGE price has dropped by 41% in the past 3 months.
- Dogecoin price has slipped below the key moving averages.
Based on the technical chart, the Dogecoin (DOGE) price has attempted to overcome the $0.200 hurdle thrice in Q1 2024. Since April, the Dogecoin price has been facing resistance from a descending trendline.
DOGE might have found the bottom and could soon display a reversal. This is because the RSI has shown a bullish divergence, which is a bullish signal. It has been making the lower lows and lower highs pattern and has dropped below the key moving averages.
Is Dogecoin Price Ready For a Rise on the Wider Timeframe?
Surf (@_CryptoSurf) tweeted that DOGE generated a golden opportunity. On the monthly time frame, the Dogecoin price has reached a crucial pullback zone.
Golden pocket. $DOGE pic.twitter.com/AsO87itwUH
— Surf (@_CryptoSurf) September 1, 2024
On the monthly time frame, DOGE recovered from the bottom and underwent a correction phase. The breakout from the correction phase may display a strong long term bullish trend.
Technical Indicators
Based on the technical indicators, DOGE was trading below key moving averages, indicating a bearish forecast. The MACH developed a death crossover with the Signal line and wandered into negative territory. The histograms have flipped red, which is a bearish signal.
DOGE Price Makes a Falling Wedge Pattern Over a 1-D Timeframe
The technical chart displays that the sellers have been dominating for the past few months. The price has formed a falling wedge pattern and is heading for this year’s low. However, the buyers have been defending the $0.0950 mark since July.
If the Dogecoin price breaks out from the falling wedge, buyers may attracted. Assuming the price starts trading over the 200-day EMA then buying momentum in bulk can be initiated.
The bullish trend in DOGE could be disturbed near the $0.140 hurdle. Smashing this level may result in a sharp rise.
Alternatively, if the crypto price slips below the $0.0950 level, buyers might be in trouble. Suppose the buyers lose the major support level of $0.0780 then selling pressure over the next few weeks could be seen.
The Dogecoin crypto was trading at $0.0979 at the time of writing which is a 2.81% intraday rise. The market capitalization was $14.25 Billion and ranks 8th in the cryptocurrency market. the 24-hour trading volume was $513.54 Million with a gain of 84%.
DOGE Crypto Price Forecast
The technical analysis of the Dogecoin price indicates a bearish trend, with the price slipping below key moving averages and facing resistance from a descending trendline.
However, there are signs of a potential reversal, such as bullish divergence in the RSI and the formation of a falling wedge pattern. A breakout from the falling wedge could attract buyers, potentially leading to a bullish trend, while a slip below key support levels may result in increased selling pressure.
Keep an eye on the $0.0950 and $0.0780 levels for potential shifts in market sentiment.
Technical Levels
The DOGE price is expected to face resistance from the $0.120 and $0.140 levels. The bearish trend in Dogecoin price could be halted near the $0.0950 and $0.0780 marks.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
