The price of Dogecoin has undergone a strong correction in the past two months, erasing most of the earnings he has made in 2024. DOGE was negotiated at $ 0.25 Tuesday morning, much less than $ 0.4840, its plus high level in November of last year. Thus, the largest coin in the cryptography industry will fall to $ 0.10 or increase to $ 0.10.
The rise or the drop in the prices of the dogecoin depends on the bitcoin
Whether the DOGE price increases or decreases will depend on the performance of Bitcoin, the largest cryptocurrency in the industry. In most cases, altcoins, especially the pieces even, succeed when bitcoin is in an ascending trajectory.
Therefore, to make a good prediction of the Dogecoin prices, we must first estimate where BTC will be in the short term. The weekly graph shows that bitcoin has remained above the 50-week exponential mobile average (EMA), a sign that the bulls are still in control.
In addition, the piece slowly forms a bull flag graphic pattern. This pattern has a large mast and a rectangular motif, giving it a resemblance of an hoisted flag. In most cases, this diagram generally leads to an increased break.
Bitcoin has also formed a cup and manipulation pattern whose depth is around 77%. By measuring this distance from the upper side of this cup, we can estimate that the price of the BTC will increase to at least $ 123,000.
DOGE PRICE FORMATION
The price of bitcoin has a bias bruise, which has given a body for Dogecoin and other altcoins. The weekly graph shows that the medal has also formed a model of cup and manipulation between 2021 and November from last year. This is a very optimistic model, which explains why he jumped at a summit of $ 0.4840.
The Dogecoin price retests the upper side of the cup. A rupture and a retest often lead to a continuation of the assets. It has now passed to the second phase of the Elliot wave model, which is generally a lower sign.
Dogecoin will probably enter the third phase, which is generally the longest. The third phase will push him to the top of all time of $ 0.7,397. A break above this level will indicate more gains, with the following The key level being at $ 1which is around 300% above the current level.
Can the Dogecon token crash at $ 0.1?
There is a risk that the price of Dogecoin crashes at the key psychological point at $ 0.10 in the short term. This price action will probably occur if the part loses the mobile average from 50 weeks to $ 0.2180, followed from the MA of 100 weeks to $ 0.1705. The fall below these levels will indicate more drops to $ 0.10, about 67% below the current level.
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