Dogecoin nowadays appears to have lost the focus of the traders which is fueled by multiple external factors. The asset trends sideways until and unless it receives a major push. Therefore, despite the price hovering around upper levels, the DOGE price may plunge hard. Marking the beginning of the week on a bearish note, the asset is feared to hit the lower levels again.
The DOGE price was trending within a narrow channel in between $0.13 to $0.2 and silently waiting for a breakout. The price recently popped out of consolidation after Tesla announced DOGE payments. But it just manifested a fakeout which was an indication of a trend reversal as it was unable to hold above $0.15. Moreover, it made a lower low instead of a higher low which fueled the prediction of a downtrend.
- Dogecoin forecast in short-term, mid-term and long-term is extremely bearish which could breach through well maintained at the middle bands of the channel
- Despite the momentum is pretty bearish but remains a little inflecting as the MACD displays a rising red bars while the histogram has bottomed
- On the other hand, the RSI is plunging hard and attained the levels below 50 showcasing a notable bearish trend
- Interestingly the On-Balance Volume is flat which indicates the demand from the buyers and the supply form the sellers is equilibrium
- The nearest resistance zone is around $0.15 to $0.16 while the support zone still resides strongly around $0.13.