Potential 10% Drop in Dogecoin Price Amid Lower Buying Pressure

Share on Facebook Share on Twitter

DOGE: Price Drop and Forecasts Indicate 10% Loss

The cryptocurrency Dogecoin (DOGE) is showing signs of a price drop. Forecasts suggest a loss of 10%. But what are the reasons for this and how reliable are these predictions?

The Current Situation of Dogecoin

Although Dogecoin has a bullish structure, the buying pressure has decreased. Should Bitcoin prices recover, DOGE would likely follow. On January 21, Dogecoin reached a high of $0.0905. This was a critical resistance zone and although the market structure was bullish, a decline to the local lows was possible.

The recent gains that raised the price to $0.09 came after X (formerly Twitter) launched its official XPayments handle. At the time of the press release, the price of the meme coin was $0.0838, just above the support zone of $0.081.

You can also find us on Telegram: Click here to follow our Telegram channel.

Technical Indicators and Liquidity Charts

The technical indicators do not suggest a strong price drop, but the liquidity charts suggest the opposite. The RSI (Relative Strength Index) on the 12-hour chart was 49 at the time of the press release. This was an early signal for a change in momentum, but the latest trading session was not yet complete. Therefore, there is a chance that the bulls could fend off the bearish pressure in the coming hours.

Potential for Further Price Drop

The rejection from the 78.6% Fibonacci retracement level was a strong sign that a downtrend is underway. Alternatively, Bitcoin was close to the lows of a seven-week range, which means a price increase could also pull DOGE higher. However, if there is no bullish reaction soon, there could be a further price drop of 10%.

What Traders Should Note

If the bulls cannot hold the $0.0795 level, a decline to the $0.073 zone would likely occur. Therefore, traders should be cautious. The price charts on a shorter time basis showed that a drop below $0.0809 would be a bearish signal. Until then, however, buyers could get a discount on Dogecoin, whose prices could recover.

Disclaimer: The information presented here does not constitute financial, investment, trading, or any other types of advice and is solely the opinion of the author.

Share on Facebook Share on Twitter
Casinos: 41
Profile Dogecoin
Symbol DOGE
Coin type Alt Coin
Transaction Speed Medium
  • One of the fastest coins for payments
  • Easy entry into the crypto world
  • As an original Bitcoin parody, offers no technical innovations
Price 0,11 €
Percent Change 24h 4,10 %
Percent Change 7d 14,24 %
Percent Change 30d -12,96 %
Percent Change 60d -23,99 %
Percent Change 1y 70,85 %
Market Cap 15.789.855.626,00 €
Official Links
Socials Reddit | X
Best 3 Dogecoin casinos

Latest News

Isabella Brown

Created by

Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.
Reviewed by
Nerd of Numbers

Last update: 24. June 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

We use cookies. By using this site, you accept them.