Dogecoin (DOGE) Price Could Fall at Least 30% if It Loses This Level

BeInCrypto
BeInCrypto

28 Jun 2023 3:17 PM

The Dogecoin (DOGE) price is attempting to prevent a massive price fall by bouncing at an intermediate support level....

  • The Dogecoin (DOGE) price is facing a distinct weakness in its long-term outlook.
  • It is currently holding above a final horizontal support level, but a decisive bounce is needed to avoid a steep fall.
  • The DOGE price recently bounced at a 378-day support level, but it has not moved significantly above it yet.
  • The RSI indicator suggests a bearish trend, as it has fallen below the 50 line and is decreasing.
  • On the daily timeframe, the DOGE price broke out from a descending resistance line and reclaimed a horizontal support area.
  • Whether the price bounces or breaks down from the current level will be crucial in determining the future trend.
  • A bounce could lead to a reach of the 0.5 Fib retracement resistance level at $0.08, while a breakdown could result in a drop to $0.050.

The sentiment in this article is mostly bearish, as it highlights the weakness in Dogecoin's long-term outlook and the bearish reading of the RSI indicator. However, it also mentions the possibility of a bounce and a reach of resistance levels.

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You May Ask

What is the current support level for Dogecoin's price?What does the RSI indicator suggest about the market trend?What happened to the DOGE price on the daily timeframe?What are the potential outcomes if the price bounces or breaks down from the current level?What are the resistance levels that Dogecoin could reach if it bounces?

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