- Dogecoin price tanks near 10% and is set to end its winning streak for 2023.
- DOGE tanks after bulls received firm rejection last week.
- Expect another 30% drop if this level does not hold.
Dogecoin (DOGE) price action is set to break its winning streak for 2023. where bulls were still able to snap a winning streak and eke out a win on the first week of February, that ship has sailed for this week. To make matters worse, there is not one element but a bulk load of factors explaining why the Dogecoin price is losing over 10% in just one week.
Dogecoin price facing a convoy of bearish loads
Dogecoin price was on a tear since the beginning of 2023, where the moving averages were key to build upon. The biggest to have marked up on the charts are the 55-day and the 200-day Simple Moving Average (SMA). Unfortunately, DOGE has received a firm rejection when treading near $0.1 as bears simply squashed bulls into the ground, and what followed this week is a fade too big to overcome.
DOGE could not have hit that rejection worse as the technical switch falls in line with the risk-off switch that has unfolded this week in the markets. Traders that thought the speech from Jerome Powell early this week was terrible were not ready for the geopolitical tension that shot through the roof at the end of this week and over the weekend. As these elements will not fade quickly, expect to see a leg lower if the 200-day SMA can not hold support at $0.0775, with a sharp decline to $0.0566.
DOGE/USD weekly chart
A turnaround could come with the attacks in Ukraine diminishing over the weekend and starting to die down into next week. Markets would start easing and pricing out the risk premium. Expect a swift recovery with yet again $0.1 up for grabs, but watch out for the double top formation and rejection that could go along with it.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Why is Bitcoin performing better than Ethereum? ETH lags as BTC smashes new all-time high records
Bitcoin has outperformed Ethereum in the past two years, setting new highs while the top altcoin struggles to catch up with speed. Several experts exclusively revealed to FXStreet that Ethereum needs global recognition, a stronger narrative and increased on-chain activity for the tide to shift in its favor.
Ethereum Price Forecast: ETH could see a decline as on-chain and derivatives data paint bearish picture
Ethereum (ETH) declined below $3,100 on Tuesday as market sentiment surrounding the top altcoin is turning bearish. On-chain data reveals that investors are potentially withdrawing and putting sell pressure on exchanges.
Coinbase set to delist WBTC amid cbBTC expansion
Coinbase announced via an X post on Tuesday that it will suspend WBTC trading across all its platforms on December 19. Meanwhile, the exchange also revealed that its wrapped Bitcoin token, cbBTC, launched on Arbitrum earlier today.
Dogecoin Price Forecast: Selling pressure drops 95% as DOGE traders target $0.50 breakout
The Dogecoin price breached the $0.40 resistance on Monday, rebounding from a 15% pullback. On-chain transaction flows observed this week suggest DOGE could be on the verge of another leg-up toward $0.50.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.