Dogecoin Price Prediction: Bulls to endure more challenges in 2023

Dogecoin price is down 28% since December's opening price.
DOGE IS submerged under three key moving averages.
Invalidation of the bearish thesis could arise from of the $0.08 resistance zone.

Dogecoin price is enduring pressure from an ongoing downtrend. If market conditions persist, DOGE could eliminate the yearly low established in the summer.

Dogecoin price faces resistance

Dogecoin price is at a 28% loss of market value for December, bringing the DOGE price to a total of 85% below the all-time high at $0.74. On December 24, the notorious meme coin continues to trend over a descending parallel channel as it has for several weeks.

Dogecoin price currently auctions at $0.072. The upper bounds of the parallel channel have acted as resistance on several occasions in December, with a 21% decline as the strongest move to date. The 50-day, 100-day and 2

-00-day simple moving averages each hover above DOGE's current trading range, giving a general bearish bias for the world's favorite dog coin.

The next collision with the descending parallel channel is likely to occur within 24 hours. If the bears are successful again, DOGE could mimic the strength of the previous decline and descend by 20%. The Dogecoin price would fall into the $0.061 zone and potentially create a scenario to tag the 2021 low at $.057.

tm/doge/12/24/22

DOGEUSDT 1-Day Chart

A second attempt to pierce the Sunday low at $0.069 could catalyze the next downtrend rally. Invalidation of the bearish thesis could occur, but the bulls will need to reconquer the 50-day simple moving average at $0.08 to do so. If the bulls are successful, the DOGE price could rally towards the midpoint of December's downtrend near $0.095, resulting in a 25% increase from the current Dogecoin price.

Share: Cryptos feed

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.