The technical indicators point to a major ventilation of the price of Dogecoin, because an analyst projects a drop to $ 0.2. This downward prediction could be finished for Dogecoin, as did the same formed a double high modelindicating that it can be declining new pressure this quarter.
High double model signals
According to a tradingView analyst known as “Melikatrader94”, the Dogecoin Prize posted Signs of the lower momentum As a new double top model aims to lead its value to new stockings. The analyst common A graphic highlighting the double top, which seems to be a model in the shape of a m where the price of a cryptocurrency reaches a high point twice, with a slight drop between the two peaks.
The two peaks form a resistance, and once a cryptocurrency breaks under the neckline, it could further trigger the drawbacks. Essentially, the rupture of the duplicate neckline confirms a Dogging continuation for the price of Dogecoin.
In particular, the expert tradingView has highlighted Relative force indicator of Dogecoin (RSI) At the bottom of the graph. This RSI shows a downward divergence, which means that the price of the memes play recently made a high level, but its RSI made a lower summit at the same time. This trend indicates weakensuggesting that the purchase pressure can be decreasing and a possible price correction.
Consequently, the tradingView analyst predicted that DOGE could fall on two levels of support. The first is a drop in a temporary support area (S1) to $ 0.22, where a slight price rebound can also occur. The next lower target for the popular meme piece is the level of support from 0.176 to 0.18 $ (S2). If Dogecoin crashes To this objective, it could act as a solid support area where buyers can enter, and prices stabilize before A potential reversal.
The analyst warns that if Doge does not hold S1, he will probably come across S2, ending the upper double pattern. If the memes piece lies in S2, potential optimistic recovery could be in store. Nevertheless, the expert tradingView confirmed that the action of Doge prices remains under pressure, its increasingly dominant downward trend.
DOGE PRICE BOUBL ENCOUNT?
The price of the Dogecoin is currently on a Down momentumMerchant at $ 0.25 after decreasing more than 32% in the last month. Unlike investor expectations, Dogecoin continued to decrease Significantly, lowering more than 4% in the last 24 hours and 5.5% in last week.
Despite this downward trend, Crypto Ali Martinez analyst suggest This Dogecoin can prepare for a significant upward price rebound. The analyst revealed that the sequential TD of Dogecoin had flashed a purchase signal on his 4 -hour table, signaling a potential for a bullish turnaround.
Adobe Stock star image, tradingView.com graphic