Our Dogecoin price prediction will flip bearish if the price loses a key level. DOGE coin is facing a massive correction as BTC price plummeted on the weekend. While many analysts call this an end of the relief rally, many still think there’s room for growth.
Most cryptocurrencies are trading 20%-25% below their recent highs. The sudden BTC dip caught many short-term traders off guard as the price accelerated in the downtrend direction. Dogecoin price is down by 0.3% from yesterday and now trading at $0.665.
The memecoin prices surged in the last week and created higher highs. However, many sceptics saw this surprising price action as a top signal, and the sell signal increased. DOGE price surged to the $0.089 level before BTC ruined the party with another slump.
According to Dogecoin news today, the frivolous meme project’s founders are again fighting on Twitter. Jackson Palmer has claimed that his fellow co-founder Billy Markus has blocked him on the social media platform. Both founders have already been involved in the heated spats on the site. However, this is the first time that someone got blocked.
Technical analysis of DOGE USD price chart shows that the moment of truth is here for the top memecoin. When writing, the price is retesting the trendline and 0.618 Fib retracement level. The $0.066 level has become very critical due to these confluences, as Monday’s daily closure is likely to decide the next move.
Our Dogecoin price prediction will immediately flip bearish if the price closes a day below the trendline. This would accelerate the downward momentum, and the price is likely to retest the July low at $0.057. A retest of the June lows will also be on the cards if the BTC price gains acceptance below the $19k level. You can buy Dogecoin and invest in other cryptocurrencies by signing up on Binance.
This post was last modified on Aug 22, 2022, 17:11 BST 17:11