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Dogecoin price prediction shows risk of further decline – What now?

2min Read

The 6-month look back period showed three distinct bands of liquidity from $0.1-$0.112.

Technical indicators generate a bearish Dogecoin price prediction

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  • Dogecoin has a bearish market structure on the higher timeframes.
  • Liquidity below $0.1 is likely to attract prices toward it before a reversal can happen.

Dogecoin [DOGE] has bounced 20% since setting the lows at $0.0913 on Friday, the 5th of July. The majority of the crypto tokens witnessed a relief bounce after the recent bloodbath but not all of them can sustain the move upward.

The price prediction for Dogecoin shows that it too might struggle to sustain the momentum. Instead, prices would likely consolidate or drop lower since the buyers remain weak.

The bulls are hanging on by a thread to the $0.1 level

DOGE 1-day Price Chart

Source: DOGE/USDT on TradingView

Dogecoin has fallen below the March lows and erased all the gains made in the latter half of that month. To the south, the $0.0775-$0.082 region is a the next demand zone.

It was where prices were consolidating for two months before the wild rally in February and March.

The daily RSI was below neutral 50 and indicated that the trend was still firmly bearish. The CMF was at +0.03 and highlighted capital inflow into the market. However, it is likely that the buyers are not strong enough to reverse the recent losses.

The Dogecoin price prediction remains bearish, and this bias would change if the price can climb past $0.13 and defend it as support.

More reasons why the Dogecoin price prediction is discouraging for investors

Hyblock Liquidation Heatmap

Source: Hyblock

The 6-month look back period analysis by AMBCrypto of the liquidation heatmap showed three distinct bands of liquidity from $0.1-$0.112.

Last week, they were all wiped out, and the memecoin bounced to retest this region as resistance.

Realistic or not, here’s DOGE’s market cap in BTC’s terms

The $0.0745-$0.079 region was the next closest liquidity zone. It is likely to attract DOGE to it given the trend of the market and the proximity.

Once it is taken out, the prices would be free to reverse bullishly and target the $0.18 territory.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.


Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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