Dogecoin Price Analysis: How Low Can DOGE Go?

DOGE Price Chart | Source: crypto.news

DOGE price reached a high of $0.4853, which is a key level near the extreme overbought zone of the Murrey Math line tool. Following that, the price fell below the strong pivot release and the 50-day moving average.

The accumulation/distribution indicator points downward, indicating a distribution is taking place.

The next key level to watch is $0.2293, which is the highest volatility from March. This level also aligns with the horizontal line of the cup and handle pattern.

Falling below $0.2293 could increase the likelihood of DOGE dropping to the major support/resistance level of $0.1953, about 30% lower than the current price.

Investors should be cautious of dead cat bounces when considering buying the dip. A dead cat bounce occurs when an asset experiences a brief rise during a downtrend, only to resume its downward trajectory.

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