DOGE price falls into a downward trend
- The bearish continuation pattern is not over yet.
- Dogecoin’s recent drop down to $0.176 might be just the beginning, and prices could go even lower if buyers are not found soon enough by investors who have become more interested in cryptocurrencies recently due to their increasing value with time as well as limited supply per coin (there will only ever exist 21 million doges).
- A break below this support level would spell disaster for DOGE bulls – so watch out!
Dogecoin is at the bottom of a consolidation pattern, and it may continue going down. With so many obstacles in front of them that could lead to its downfall with just one more left–namely $0.23-the fate for this meme token seems inevitable unless someone can wake up their investors’ enthusiasm again!
Unbelievable but true: some people don’t know about DOGE being priced right now? And what’s worse than not knowing something exists, forgetting how much value your coins have because you’re too busy making memes or scamming Facebook users out of money through some “lucky” game (even though 99% fail)?
Dogecoin price confined in a tight range
Dogecoin is trapped in a descending parallel channel on the 4-hour chart. The price has not made any high or low points for over two weeks, as it remains below USD 0.20 per coin with no sign of breaking out yet! It seems like Doge will continue to be stuck until there’s some positive movement coming from its supporters again. If they don’t step up soon enough, this could turn into another long slide where investors lose faith even more than before because who wants their money tied up forever?
There is a chance that the Dogecoin price could go higher than $0.199, but it may also stay at this level for some time while consolidating and analyzing whale moves in anticipation of their next move. The 78% Fibonacci retracement might provide an excellent line of defence against any potential attack from buyers who are trying to break through resistance just below or around here – depending on how things play out with regards to September 26 low prices!
An additional foothold may arise at the local bottom at $0.186 before the Dogecoin price tags the lower boundary of the prevailing chart pattern at $0.176.
Investors should note that if DOGE falls below the downside trend line of the parallel channel, it may unravel an ultimate bearish narrative of a 22% downswing toward $0.137 for Dogecoin price, a pessimistic target given by the governing technical pattern.
DOGE bulls should aim to slice above the middle boundary of the prevailing chart pattern at $0.208 to reverse the period of sluggish performance. Additional resistances may appear at the 21 four-hour Simple Moving Average (SMA) at $0.213, then at the 50 four-hour SMA at $0.221.
Another stiff hurdle may emerge at the 61.8% Fibonacci retracement level at $0.232, coinciding with the resistance line given by the Momentum Reversal Indicator (MRI) and the upper boundary of the parallel channel.
Escaping above the topside trend line of the governing technical pattern could see the meme token’s momentum shift to the upside, potentially targeting bigger aspirations. On the other hand, Dogecoin must surpass the 100 four-hour SMA at $0.236 and the 200 four-hour SMA, which coincides with the 50% retracement level at $0.254, to recover recent losses.
Background on Dogecoin
According to an examination of Google Trends data, Dogecoin, the notorious cryptocurrency that Tesla CEO Elon Musk formerly supported, has taken over as the most Googled cryptocurrency in the United States. Dogecoin has the most states interested in investing in cryptocurrency, according to a survey by The Advisor Coach, with 23 states, including Illinois, Florida, Hawaii, and New Jersey, expressing interest. This study was conducted in the United States to determine which cryptocurrencies individuals want to invest in based on search queries.
According to the research of The Advisor Coach, Dogecoin had 7 million searches each month in October 2021. This, according to the study, is over the combined interest in Bitcoin and Ether. According to the Advisor Coach report, this popularity is partly because Tesla CEO Elon Musk has praised Dogecoin numerous times. “The increase in demand may be attributed in part to Elon Musk’s endorsement, who said earlier this year that Tesla would accept dogecoin as a payment method,” the company added.
Bitcoin was the second most popular cryptocurrency, with ten states looking to invest in Bitcoin more than any other coin. It included Connecticut, Alaska, Mississippi, and New Hampshire. The majority of people from only eight states expressed a desire to invest in Ether more than any other cryptocurrency, including Louisiana, Georgia, Ohio, and Virginia.
Ether was soon followed by Shiba Inu (SHIB), a meme coin with a 14 million percent price increase since its inception about 15 months ago, which has now risen to fourth place in terms of market capitalization. California, New York, Texas, and Nevada have expressed interest in investing in Shiba Inu (SHIB).