Dogecoin Price Prediction, Will Selling Subside or Bloodbath Going on
- Experiencing a decline in bullish momentum as 2024 unfolds, meme coins are relinquishing their hold on crucial support levels.
- This has resulted in a bearish channel breakdown in the price trend of DOGE, with heightened selling pressure reshaping the daily chart.
Failing to surpass $0.08500 may spark a new downturn for Dogecoin
According to Coingabbar Price Analysis, The DOGE price action warns of a trend reversal in early 2024, evident in the daily chart's falling channel breakdown.
The bearish trendsetter for Dogecoin occurred on January 3rd with a bearish engulfing candle, breaching the descending support trendline.
Dogecoin has struggled in the last two days to break inside the descending channel pattern but has been unable to sustain, resulting in visible selling pressure.
A fresh decline could be triggered if there's a failure to break above $0.0850.
The critical question is whether DOGE will hold at $0.8000 or not, a key consideration in technical analysis.
KEY LEVELS :
RESISTANCE LEVEL : $0.08400-$0.08800
SUPPORT LEVEL : $0.07700-$0.07300
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
