The leader #memecoin Doge may be more vocal about the bear. $DOGE has gained 10% in the last week as of the date of writing, while it has lost around 1.28% in the last month. In this article, we will talk about important support and resistance levels while presenting #Dogecoin price analysis.
Dogecoin Analysis: $1.4 Billion DOGE Risks Loss of Value if It Falls Below $0.09
Dogecoin price broke out of a falling wedge early Monday morning, signaling a reversal in the downtrend. The 4-hour price chart shows that #DOGE has slightly escaped the downtrend as the price has rallied in the past few hours.
However, the DOGE price is not out of danger yet, as Futures data shows increasing selling pressure on the asset, putting more than $1.4 billion worth of DOGE at risk of losses.
The current trend for DOGE price is down and this is indicated by the price trading below the 200-day ($0.115) and hovering just above the 50-day exponential moving average (EMA) ($0.105). The recent price action suggests that the bearish momentum continues.
The immediate resistance level for Dogecoin price is at $0.105 (aligned with the 50-day EMA) while a more significant resistance is found at $0.11518 (200-day EMA).
Immediate support is near $0.093 and stronger support is near $0.080–$0.085.
The rising wedge has broken down, which is a bearish sign. The latest candles suggest increasing selling pressure as prices approach support levels.
The Relative Strength Index (RSI) is neutral at 50.34 but shows a slight downtrend as it is trending down from overbought levels. The Chaikin Money Flow (CMF) is at -0.11, indicating slight selling pressure that could increase if the Dogecoin price continues to decline.
There was consistent volume during the wedge formation, with an increase during the collapse. This confirms a bearish breakout while volume supports the downtrend.
The Dogecoin price prediction suggests that if it breaks above the 200-day EMA, it could invalidate the falling wedge bearish reversal pattern and move up to $0.14 as the new price target.
According to data from IntoTheBlock, it has been revealed that $1.4 billion worth of DOGE is at risk of losing value if the Dogecoin price drops below $0.09.
Currently, 45.16% of all DOGE holders are in profit. If the price falls below this critical support level, the percentage of profitable holders could drop by 19%.