Table of Contents
The DogeCoin price has just broken through and retested a very key neckline on the 4-hour timeframe.
This neckline has been serving as major support for DogeCoin for the past few months now! And a break like this only spells doom for the Altcoin bulls.
You can trade DogeCoin with leverage as high as x100 on Bybit! You also get up to a $1,610 Bonus to trade with if you sign up with our Bybit link.
Bearish Prediction For DogeCoin
The DogeCoin price has entered the bearish territory and now has an even higher possibility to keep selling off in the coming days. Going lower to the 1-hour timeframe we easily spot a few key levels and bearish targets to watch for.
These key levels will better help us understand the behavior of the price.
The $0.290 Key Resistance
The $0.290 price level is a key resistance to watch for on the 1-hour timeframe. We want to see the Altcoin price continue to respect and trade below this region for this bearish prediction to remain valid.
A break above this $0.290 resistance could push the DogeCoin price back into bullish territory increasing the chance to see a further rally.
DogeCoin Bearish Targets
The first bearish target to watch would be the previous low of $0.165. We saw DogeCoin find support and bounce off this price region in the past, if the supports hold, we might see history repeat itself in the coming days.
This is a 34% dump in the DogeCoin price. However, if the price breaks through this $0.165 support, we might see a deeper sell-off in DogeCoin in the coming days.
Related Article: Does Ethereum Have the Potential to Become the Largest Crypto Asset?
Final Verdict!
DogeCoin has officially entered into bearish territories and now has a very high potential to continue selling off in the coming days. If this price prediction plays out, we might see the DogeCoin price gradually trend lower back down to the $0.100 price region in the coming days.
However, the key resistance to watch is the $0.290 price level. A break of the $0.290 resistance invalidates this bearish prediction and pushes the DogeCoin price back into bullish territory.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is best for traders who are new to the crypto space. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
