Plunge

Rally

Bitcoin

Dogecoin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/fVjBD0xP-e1701256973121.png" class="attachment-full size-full wp-post-image" alt="" decoding="async" style="float:right; margin:0 0 10px 10px;">
Dogecoin Price Prediction: Throughout November, <a href="https://coingape.com/price/dogecoin/">Dogecoin price</a> experienced considerable volatility due to recent events in the crypto market involving the Bitcoin spot ETF and <a href="https://coingape.com/breaking-changpeng-zhao-resigns-as-binance-us-chairman/">legal challenges faced by Binance</a>. Despite noticeable price swings depicted on the daily chart, these movements did not contribute significantly to a specific trend, indicating a lack of dominance from either bulls or bears. However, amidst this consolidation, Dogecoin has shown adherence to a triangle pattern and a newly formed ascending support trendline, potentially influencing the near-future trend. 
Also Read: <a href="https://coingape.com/markets/dogecoin-price-prediction-will-doge-rally-as-addresses-with-a-balance-surpass-5m/?utm_source=priceanalysisbar">Dogecoin Price Prediction: Will DOGE Rally As Addresses With A Balance Surpass 5M</a> 
<h2 id="dogecoin-price-prediction-will-doge-plunge-to-0-06">Dogecoin Price Prediction: Will $DOGE Plunge to $0.06</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The rising Dogecoin price could witness intense supply pressure at $0.083</li> 
 <li style="font-weight: 400;" aria-level="1">The ongoing recovery may continue until the newly emerged support trendline is intact.</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume in Dogecoin is $620 Million, indicating a 25% gain.</li> 
</ul> 
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 <img decoding="async" src="https://s3.tradingview.com/snapshots/f/fVjBD0xP.png" alt="Dogecoin Price Prediction" width="1946" height="1105">
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 Dogecoin Price Prediction | Tradingview
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The popular meme cryptocurrency Dogecoin has garnered investors’ attention due to its <a href="https://coingape.com/doge-1-moon-mission-date-confirmed-spacex-launch-next-year/?utm_source=24hrsupdateall">involvement in a space program</a>. The recent updates confirm that after nearly two years of delays, the Nova-C/IM-1 launch is set to proceed, encompassing the deployment of the DOGE-1 Cubesat which will carry Dogecoin on its journey throughout the mission. The DOGE-1 moon mission received the green light for launch on January 12 of the upcoming year. 
As of the present time, the DOGE price is trading at $0.08 and is gradually ascending under the influence of a new support trendline. Despite the heightened uncertainty in November, this meme coin price witnessed dynamic support from this ascending trendline multiple times, aiding buyers in sustaining a consistent rally. 
<blockquote>
 Consequently, the rising price is expected to climb around 5% before encountering resistance at the upper trendline of a longstanding triangle pattern, around the $0.084 mark. Historical data suggests that retesting this trendline often leads to increased bearish momentum and significant corrections.&nbsp;
</blockquote> 
Thus, a potential reversal from this trendline, confirmed by a breakdown of the previously mentioned support trendline, could intensify supply pressure. In this scenario, Dogecoin might retreat to the lower trendline, potentially marking a 28% loss from the current price. 
<h2 id="b-is-dogecoin-ready-for-uptrend-b">Is Dogecoin Ready for Uptrend?</h2> 
For nearly two years, the DOGE price has been within a sideways trend influenced by a <a href="https://coingape.com/markets/dogecoin-price-prediction-hints-10-jump-ahead/">symmetrical triangle</a>. Should the coin price reverse from the upper trendline as mentioned above, the lateral movement may persist for the upcoming month. Therefore, for coin buyers to receive a more conclusive confirmation of recovery, prices must exhibit an upward breakout from the triangle pattern. 
<ul> 
 <li aria-level="1">Relative Strength Index: A bearish divergence in the daily <a href="https://coingape.com/markets/dogecoin-price-prediction-hints-10-jump-ahead/">RSI slope</a> indicates weakening bullish momentum and a higher potential for a reversal.</li> 
 <li aria-level="1">Bollinger Bands: The relatively flat upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Bands indicator</a> could serve as an additional barrier against buyers at $0.084.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/dogecoin-price-prediction-why-doge-is-at-risk-of-28-fall/">Dogecoin Price Prediction: Why $DOGE Is At Risk Of 28% Fall</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Dogecoin Price Prediction: Why $DOGE Is At Risk Of 28% Fall

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