Analyst Warns DOGE Could Plunge 33% to $0.08 Amid Bearish Patterns
- Technical Signal Warning: Analyst Marzell highlights the formation of a dead cross and head and shoulders pattern on DOGE's three-day chart, indicating a potential price drop to $0.08, representing a 33% decline, which could significantly undermine investor confidence.
- ETF Interest Decline: Since its launch in November, enthusiasm for the DOGE spot ETF has waned, with trading volumes and inflows decreasing, leading to diminished institutional and retail demand, thereby exacerbating downward price pressure.
- Futures Market Dynamics: A notable decline in open interest within the DOGE futures market indicates that traders are closing positions and reducing leverage in a risk-averse environment, which may further drive prices lower.
- Wider Market Impact: A sustained decline in DOGE could affect the broader cryptocurrency market, particularly meme coins like Shiba Inu that are highly correlated, potentially leading to liquidity shifts into other crypto sectors.
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Technical Analysis for DOGE
Technical Sentiment Analysis for Dogecoin (DOGE) As of , Dogecoin (DOGE) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for DOGE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, DOGE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Dogecoin (DOGE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0457 | 0.0629 | 0.0817 | 0.0988 | 0.118 | 0.135 | 0.153 |
| Fibonacci | 0.0629 | 0.0766 | 0.0851 | 0.0988 | 0.113 | 0.121 | 0.135 |
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