At present, the situation of Dog Coin (DOGE) seems not very optimistic. In the cryptocurrency frenzy of 2021, with the support of billionaire Elon Musk, the price of DOGE was once close to $1, but now faces the risk of falling to zero
At present, the situation of Dog Coin (DOGE) seems not very optimistic. In the cryptocurrency frenzy of 2021, with the support of billionaire Elon Musk, the price of DOGE was once close to $1, but now faces the risk of falling to zero. This is also a problem faced by many counterfeit coins, especially if the price of Bitcoin drops to $20000, then counterfeit coins such as DOGE may be affected.
From a technical analysis perspective, the price of DOGE has continued to be around the horizontal support area of $0.059 per week over the time frame. This support area has been confirmed multiple times, but the last two confirmations show signs of purchasing pressure.
However, since November 2022, the price of DOGE has also fallen below the downward resistance line, forming a bearish downward triangle. This may lead to a price drop, especially if the weekly RSI indicator also shows signs of collapse, and the price may drop to $0.03. In addition, the readings on the weekly chart also support the possibility of such a decline.
In short, the current outlook for DOGE seems not very optimistic, and prices may continue to decline, with a target of $0.03. However, if the long-term resistance line is broken, there may also be a rebound, with a price increase of up to 90%. It should be noted that compared to other cryptocurrencies such as ShibaCoin, the technical trend of DOGE is similar, so market volatility may be higher than expected.
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