DOGE Crashes 20% in Three Days, How Low Can It Go? (Dogecoin Price Analysis)

10 April 2023

in DOGE

Reading Time: 3 mins read

With DOGE buyers out of steam, the price fell and is now approaching the key support.

Key Support levels: $0.07

Key Resistance levels: $0.11

After a significant spike in the price, bulls failed to run it higher, and it lost 20% of its valuation in the last three days. This puts DOGE on a clear path to retest the key support at 7 cents. If it holds, buyers could attempt to reverse the current bearish momentum. The resistance continues to hold strong at 11 cents.

Chart by TradingView

Trading Volume: The selling volume exceeded the buying volume after the spike in price, which explains why bears have the upper hand right now.

RSI: The daily RSI is just above 50 points. Should bulls manage to keep it there, then they could take control of the price action.

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MACD: The daily MACD is flat, but the moving average remains bullish, and momentum could return.

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Chart by TradingView

Bias

The bias for DOGE is bearish right now.

Short-Term Prediction for DOGE Price

With the price around 8 cents, buyers could return to DOGE as it approaches the key support at 7 cents. Dogecoin could also enter a quieter period which might see its price move sideways for a while until momentum returns.

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Cryptocurrency charts by TradingView.

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