The DOGE price could drop 60% by the end of this year!
Обновлено
Hello traders, today I would like to explain to you something that may cool your views on this year's increases ;)
Dogecoin grows 150% in 6 days, but be careful because it is now the most "bought" since April 2021
The DOGE price could drop 60% by the end of this year as it reached its highest overbought level since April 2021.
According to the classic technical indicator, Dogecoin's ongoing price rises are starting to look overburdened.
The Relative Strength Index (RSI), a momentum indicator that measures the degree of recent price movements to analyze overbought or oversold levels, rose to 93.69 on Dogecoin's daily chart. This is the highest level since April 2021, a month before the DOGE price hit a record high of $ 0.75.
Therefore, the "overbought" state does not necessarily mean an immediate bearish reversal. However, they reflect the current euphoric buying dynamics in the market, which sooner or later pushes the price to a sideways trend or a downward correction.
Dogecoin's 2018-2020 bear market on a weekly chart sheds light on similar price action. It's worth noting that the DOGE crashed almost 95% almost two years after it peaked at $ 0.0194 in January 2018.
During the token correction period, the trend was visible in the downstream channel. It broke out of the upward range in July 2020 but followed the bullish move with a sideways consolidation trend - between Fib 0.0022 and 0.236 Fib $ 0.0054 - through December 2020.
By comparison, the ongoing bear market on the Dogecoin token is shorter but follows a similar trend trajectory to the 2018-2020 period, as shown above. Therefore, DOGE may fluctuate in its current 0-0.236 Fib line range (or in the range of $ 0.055-0.176) after breaking the downward channel.
In other words, DOGE could correct the rate to $ 0.055 by the end of this year, which is about 60% down from current price levels, if the fractal works as intended.
Conversely, an immediate break above the 0.236 Fib line could lift DOGE to $ 0.25 as another uptrend.
Good luck
Dogecoin grows 150% in 6 days, but be careful because it is now the most "bought" since April 2021
The DOGE price could drop 60% by the end of this year as it reached its highest overbought level since April 2021.
According to the classic technical indicator, Dogecoin's ongoing price rises are starting to look overburdened.
The Relative Strength Index (RSI), a momentum indicator that measures the degree of recent price movements to analyze overbought or oversold levels, rose to 93.69 on Dogecoin's daily chart. This is the highest level since April 2021, a month before the DOGE price hit a record high of $ 0.75.
Therefore, the "overbought" state does not necessarily mean an immediate bearish reversal. However, they reflect the current euphoric buying dynamics in the market, which sooner or later pushes the price to a sideways trend or a downward correction.
Dogecoin's 2018-2020 bear market on a weekly chart sheds light on similar price action. It's worth noting that the DOGE crashed almost 95% almost two years after it peaked at $ 0.0194 in January 2018.
During the token correction period, the trend was visible in the downstream channel. It broke out of the upward range in July 2020 but followed the bullish move with a sideways consolidation trend - between Fib 0.0022 and 0.236 Fib $ 0.0054 - through December 2020.
By comparison, the ongoing bear market on the Dogecoin token is shorter but follows a similar trend trajectory to the 2018-2020 period, as shown above. Therefore, DOGE may fluctuate in its current 0-0.236 Fib line range (or in the range of $ 0.055-0.176) after breaking the downward channel.
In other words, DOGE could correct the rate to $ 0.055 by the end of this year, which is about 60% down from current price levels, if the fractal works as intended.
Conversely, an immediate break above the 0.236 Fib line could lift DOGE to $ 0.25 as another uptrend.
Good luck
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decisive moves aheadЗаметка
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open fight !!!!Заметка
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if it breaks the price of 0.16, we can be sure 0.25Заметка
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Let's hope for a strong support at 0.087Заметка
Price action below MA200, deep correction expectedЗаметка
still under strong resistance; /Заметка
But there is still a chance for a rebound from the downtrend line (marked in black), and by the way, a rebound from the MA50 on the 1 day chart, so we have a support comboЗаметка
And even lower MA100 will probably do a golden croos with MA200Заметка
Will we bounce?Заметка
Strong rebound as I expected, now it's time for 0.087 resistanceЗаметка
Strong bounce expected, target 0.16Заметка
Expected breakoutЗаметка
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Desire to touch 0.087Заметка
It s timeЗаметка
0.13 $ next targetЗаметка
The sale storm is coming! secure your assetsЗаметка
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Window open for shopping next 2 weeks, it will be very bullishЗаметка
People, pack your wallets, the sale is over, it's time for a bullish correctionЗаметка
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HiThe price still has a small resistance to overcome on the way to break $0.1. Expected $0.25 in April
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Hello traders, today a small update, the price on the one-day chart has broken the falling resistance line, it can mean 2 things,1. price will have trouble breaking 0.076 and will slide on the outside of the resistance line back to 0.068 and then at the end of May 2023 try to break through the resistance at 0.082 and 0.087.
2. The price will break the resistance at 0.076 and enter the consolidation range until the end of May early June at the border of 0.082-0.076 and then leave the ground zone.
Regards
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there will be a breakout attemptЗаметка
fears on the sticksЗаметка
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first version going realЗаметка
Trader don't look for updates, don't look for increasesЗаметка
Perfect reflection at the pointЗаметка
Can we expect an increase this year?Заметка
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Hello traders, here is the scenario for next year, rather sureЗаметка
It looks like the price is getting ready to get back on track, and therefore will try to push $0.1Заметка
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Quick M pattern, and we start climbingЗаметка
Dear traders, slowly but surely we are approaching a large bullish correction. I think we'll see a breakout in about 3 weeks. But do not forget that we have a large gap at the valuation of 0.062, visible upward behavior may indicate strong fast dipsЗаметка
Hello traders, the price is approaching the limit of 0.087 again, crossing this resistance will cause a free break to the next resistance at 0.1 I do not expect a longer stop (max 1 day) and then a recheck of $ 0.16 if the price breaks this resistance next station and I think the final one for this year is $ 0.26. Perseverance traders.Regards
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Hello traders, a small update of the current situation, on the chart above I have marked a high probability of price action.The price should break out by the end of October, target $0.08
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Hello traders, we are a year further from this post and the situation has not changed much, is it? the price again strongly rebounded southwards from the strong resistance at 0.087. What can you expect in this situation? taking into account that the time frame is more than a year, the price should continue its attempt to break through the resistance.from my point of view, the price should try to break 0.087 again in the coming days, if it fails and falls below 0.08 again, it will continue falling for the next months.
Promises to be interesting.
Regards
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Hello traders, there is a strong rebound on the chart, be careful!! the market is overbought, large increases cannot be covered.
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