Dogecoin Price Prediction: Amid the current correction trend in the broader market, Dogecoin (DOGE) witnessed a notable correction from $0.107 resistance initiated in mid-December. This pullback plunged the coin price $0.09 down to the A Healthy retracement as per the Fibonacci retracement level indicating a significant possibility for uptrend continuation.
Also Read: Tesla Shifts Gear in 2024: Will it Have a Ripple Effect on Dogecoin?
Is DOGE Price Heading to $0.1?
- The Flag pattern breakout would signal the end of the correction trend.
- A bullish breakout from the flag pattern would indicate the end of the correction trendline.
- The 24-hour trading volume in Dogecoin is $2.58 Billion, indicating a 58% gain.
With a silent beginning anticipated in 2024, the Dogecoin price trend prolongs the correction phase teasing a sharp fall. However, the correction does project a bounce-back possibility when it arrives at a potential retest zone.
The correction phase forms a falling channel pattern in the short term that completes a flag pattern with the prevailing uptrend. With the minor pullback bringing an entry for pullback traders, the 38.20% Fibonacci level highlights an entry at $0.088.
The ongoing correction accounts for a drop of 16.2% as the DOGE buyers fail the dominance at the psychological mark of $0.10.
At press time the DOGE price continues the falling trend in a channel and showcases a potential retest at the bottom support levels at $0.88 and $0.83, provided that the selling pressure is sustained.
However, the immediate support at $0.88 could lead to a quick recovery. On the flip side, a downside potential exists that may challenge the $0.77 support level.
Pullback Teases Bill Run To $1.4 in January
The New Year rally brings high anticipation to the bullish trend in the entire crypto market. With the high possibility of a surge in Bitcoin price, the meme coins will find an additional trend momentum to scale new levels.
As the biggest meme coin, Dogecoin prices will skyrocket and gain momentum through their strong community support. Therefore the bull run can reach the $1.4 mark in the coming months.
- Moving Average Convergence/Divergence: A Bearish crossover state between MACD and signal hints at an active correction trend
- Bollinger Band: The narrow range of the Bollinger Band indicator accentuates increasing volatility and uncertainty in the market.
This news is republished from another source.
