Dogecoin

Kevin

Strong

Gains

<p>The <a href="https://captainaltcoin.com/dogecoin-indicator-that-led-to-a-180-rally-emerges-again-is-a-doge-price-surge-imminent/" target="_blank" rel="noopener noreferrer nofollow">price of Dogecoin (DOGE) </a>attracted attention with nearly a 50% increase in September. However, following a downturn starting on September 29, the cryptocurrency has since lost more than 20%.</p>
<p>Observers, including <a href="https://x.com/Kev_Capital_TA/status/1841573343943917987?t=Gp4xO4--Gl7y3peoma4e_A&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Kevin (@Kev_Capital_TA),</a> suggest that further declines may be imminent as the price breaks below a crucial support level. Kevin provides a detailed analysis of the current technical landscape for Dogecoin, highlighting several critical patterns and indicators</p>
<h2 class="wp-block-heading" id="dogecoin-price-analysis">Dogecoin Price Analysis</h2>
<p>Kevin points out that <a href="https://altfins.com/knowledge-base/how-to-trade-falling-wedge-pattern-crypto-chart-pattern/" target="_blank" rel="noopener noreferrer nofollow">a falling wedge pattern,</a> indicated by yellow lines on the chart, had been forming for several months. Although this pattern is generally considered bullish, the recent breakout attempt from the wedge has failed.</p>
<p><strong><em>Read Also:<a href="https://captainaltcoin.com/is-this-a-good-time-to-buy-bitcoin-btc-dip-watch-ftm-sol-doge-and-these-altcoins-for-strong-recoveries/" target="_blank" rel="noopener noreferrer nofollow"> Is This a Good Time to Buy Bitcoin (BTC) Dip? Watch FTM, SOL, DOGE, and These Altcoins for Strong Recoveries</a></em></strong></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="474" height="1024" src="https://captainaltcoin.com/wp-content/uploads/2024/10/image-98-474x1024.png" alt="" class="wp-image-561018" srcset="https://captainaltcoin.com/wp-content/uploads/2024/10/image-98-474x1024.png 474w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-98-139x300.png 139w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-98-768x1660.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-98-710x1536.png 710w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-98.png 947w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-98-69x150.png 69w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-98-100x216.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-98-162x350.png 162w, https://captainaltcoin.com/wp-content/uploads/2024/10/image-98-788x1704.png 788w" sizes="(max-width: 474px) 100vw, 474px">
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<p>The rejection at the 200-week SMA is particularly concerning for traders. Kevin notes that this rejection signals a strong bearish sentiment, as sellers have overpowered buyers at this significant resistance point.<br>Bearish Engulfing Candle:</p>
<p>A <a href="https://www.investopedia.com/terms/b/bearishengulfingp.asp#:~:text=In%20technical%20analysis%2C%20the%20bearish,candle%20that%20engulfs%20the%20first." target="_blank" rel="noopener noreferrer nofollow">bearish engulfing candle</a> is taking shape on the chart, a strong indicator of a bearish reversal. This pattern occurs when a larger red candle completely engulfs the previous green candle, suggesting that sellers have gained control.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/why-is-flare-flr-price-pumping-analyst-sights-a-150-rally/" target="_blank" rel="noopener noreferrer nofollow">Why Is Flare (FLR) Price Pumping? Analyst Sights a +150% Rally</a></em></strong></p>
<p>Kevin emphasizes that Dogecoin’s return inside the falling wedge after the failed breakout weakens its bullish potential. This re-entry is viewed as a “fakeout” and contributes to a growing bearish sentiment.</p>
<p>On the 4-hour chart, Kevin notes that Dogecoin has also lost the 200 SMA along with the macro falling wedge trendline. This breakdown reinforces a strong bearish momentum in both short and long-term perspectives.</p>
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<h2 class="wp-block-heading" id="next-key-levels-for-doge-price">Next Key Levels for DOGE Price</h2>
<p><a href="https://x.com/Kev_Capital_TA/status/1841569917859955184?t=vjEG-Pd72yaopO3Dc_M0cw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Kevin identifies</a> an immediate price target of $0.085, which represents a potential drop of around 20% from the current price of about $0.105.</p>
<p>Should this support level fail, further potential support could be found in the $0.06 region, based on historical price action and previous consolidation points visible on the chart.</p>
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<p>The post <a href="https://captainaltcoin.com/dogecoin-doge-price-increasingly-bearish-could-drop-double-digits-as-key-support-fails/" rel="noopener noreferrer nofollow">Dogecoin (DOGE) Price Increasingly Bearish, Could Drop Double Digits as Key Support Fails</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Dogecoin (DOGE) Price Increasingly Bearish, Could Drop Double Digits as Key Support Fails

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