Nowadays, the largest meme by market value seems to have been abandoned by mischievous billionaires. With Musk's support in the 2021 bull market, this popular cryptocurrency is approaching its huge target of $1 for the first time
Nowadays, the largest meme by market value seems to have been abandoned by mischievous billionaires. With Musk's support in the 2021 bull market, this popular cryptocurrency is approaching its huge target of $1 for the first time. After these months, prices are now facing the risk of falling to zero. Most counterfeit coins carry this risk, and if the BTC drops to $20000, people's concerns may become a reality.
Will the price of DOGE increase?
So, DOGEHow will it perform against the US dollar? The bad news is that the king of memes is trading in a long-term bearish pattern. Breaking through this pattern may trigger a 50% price drop. Both weekly and daily time frame readings support a downward trend and the possibility of breakthroughs.
Analysis of Dogcoin (DOGE)
The technical analysis of the weekly time frame shows that since June 2022The price of has been supporting the region at a level slightly above $0.059. So far, the support area has been confirmed multiple times and has obtained effectiveness. The last two confirmations formed a longer lower shadow line, which is seen as a sign of purchasing pressure. Although the price trend is clearly bullish, since November 2022, DOGE has also fallen below the downward resistance line. When combined with the horizontal support area of $0.059, it forms a downward triangle, which is considered a bearish pattern.
The small peak you see on the chart indicates that the momentum is slowing down. It seems that the weekly RSI will soon trigger this major collapse. If this situation occurs, the price may historically drop to $0.03. The readings on the weekly chart also confirm the expected decline.
The target for a possible decline is the same as the weekly chart. Therefore, a closing price below $0.059 indicates that the price may drop to $0.030. If the long-term resistance line is broken, we may see a rebound to $0.12, an increase of 90%.ShibaCoinAnd other typesCryptocurrencySimilar settings have been formed to these technical readings. Therefore, volatility may be closer than we expected.
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