Dogecoin has been in a rough spot as it struggles to break out of its slump. Bears have continued their assault on support levels and are flipping them into resistance for what could be another long climb up ahead.
The price of Dogecoin continues to fall, following two consecutive drops that saw its value plunge by 31.7% from highs reached at about $0.341 per coin down to current levels around $0.2326.
DOGE is still stuck in a downtrend, and there have been multiple attempts to get it back up, but none of them seem to be working. The DOGE community is still optimistic about their chances of seeing a recovery.
Dogecoin Price Prediction
The DOGE price is expected to fall another 15% before bulls take control, probably around $0.20 per coin. Bears may be in charge right now, but they won’t stay that way for long.
November was a month of sadness for the Dogecoin community. After reaching an all-time high on October 28th, Dogecoin could not maintain its recent gains and dipped below $0.22, continuing a trend of downward momentum that had started before the start of November.
The price has broken through the support level at $0.2215, which is now key to resume upwards movement in the triangle up trending channel pattern.
However, While the DOGE price continues to trade within its Neutral Zone, the Relative Strength Index (RSI) has not yet crossed over into oversold territory.
The bearish outlook for DOGE is highlighted by the position of its Relative Strength Index (RSI) indicator at 38.13, close to an oversold region, signifying that market sentiment may be turning more negatively in response.
Overall, The technical Analysis for DOGE is not looking good. The coin’s price may continue dropping in the near term as it has been trending downward since the start of November.
Dogecoin’s price should rise again if the bearish outlook is invalidated. In other words, its resistance at $0.241 won’t stay up for long because there are supports below it, and above all, that lies on a horizontal axis which will then turn into an upside trend.