Dogecoin Price Prediction: Bearish targets at $0.060 and $0.051 as crypto bear market continues
|- Dogecoin price fell by 15% from the week prior.
- DOGE has critical levels of liquidity and supports lying near $0.070.
- Invalidation of the bearish outlook is a breach above $0.076.
Dogecoin price confirms last month's bearish bias report as the notorious meme coin takes a market plunge. Now that the sell-off is underway, traders are forced to question where the bears will aim.
Dogecoin price takes a dive
Dogecoin price has confirmed the worrisome technicals reported earlier in the month, as the world’s favorite dog coin is down 15% from the previous week. Smaller timeframe trends point south, while the hawkish tone from the last Federal Reserve (Fed) meeting suggests risk assets are especially vulnerable. If the bears have their way, Dogecoin price might revisit the $0.060 territory.
Dogecoin price is trading at $0.075 at the time of writing. DOGE appears to be hovering just above key liquidity zones established on November 9 and 23. On both days, the bulls were successful in their mission to project DOGE to higher price levels. The November 9 low at $0.070 prompted a 45% rally into the $0.094 area. On November 23, bulls printed a higher low at $0.071, driving a 56% rally into the $0.110 zone days later.
At the time of writing, the DOGE price trades between the 100- and 200-day simple moving averages (SMA). The coiling of smaller time frames suggests DOGE will soon embark on another explosive move. A breach below $0.071 could induce a freefall sweep-the-lows event with bearish targets at $0.060 and $0.051. Dogecoin price will decline by 30% if the bears are successful.
DOGE/USDT 1-Day Chart
Dogecoin price has yet to pierce the critical $0.070 level of support; thus, traders should consider keeping their minds open for an alternative bullish scenario. A breach above the 100-day SMA at $0.076 could enable a countertrend spike targeting the 50-day variant at $0.0972. The DOGE price will rise by 20% if the bulls are successful.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.