Two days ago, a crypto analyst accurately forecasted a Dogecoin price crash, which has since taken place. According to the analyst’s latest projections, Dogecoin is poised for a steeper decline, with an anticipated 30% crash from its current trading price.
The Dogecoin price has crashed to $0.35, marking a substantial 14% decrease over the past seven days. Earlier this month, Dogecoin was trading above $0.4 after experiencing a sharp rise driven by the positive market sentiment fueled by Donald Trump’s victory in the US Presidential elections.
A TradingView crypto analyst, known as the ‘MMBTrader’ who accurately predicted Dogecoin’s recent price crash, has now updated his forecasts to warn of further potential declines. The analyst shared a chart, analyzing Dogecoin’s price action and potential future movements. Currently trading above $0.3, the DOGE price is slowly approaching a critical resistance, illuminated by the red zone at the $0.438 level.
The red arrow on the chart illustrates a potential short-term correction, set to trigger a Dogecoin price crash to the central support zone near the $0.25 mark. This substantial price drop would indicate a 30% decline from Dogecoin’s current price. Additionally, the analyst suggests that this projected price crash is a retracement, aligning with 0.618, the Fibonacci level indicated on the chart.
The TradingView analyst has also revealed that if the Dogecoin price can establish strong support at the $0.25 level, it could confirm a bullish trend continuation. Such a development could pave the way for a potential Dogecoin price rally in the near term.
Moving ahead, the green arrows in the analyst’s DOGE price chart represent the next potential phase pump. The analyst has predicted that a solid rebound from the $0.25 support level could trigger a new bullish phase for Dogecoin. Additionally, he projects a new bullish target towards the $0.75 area for Dogecoin, marking a significant leap to new price highs.
Overall, the TradingView analyst has pinpointed $0.45 as the level to watch out for. Although a drop to $0.25 would mark a 30% crash for Dogecoin, a potential surge to $0.75 would represent a 115% price increase.
While Dogecoin faces volatility and declines, Trader Tardigrade, a prominent crypto analyst, has expressed confidence regarding the meme coin’s potential shift to the upside. According to the analyst, Dogecoin is currently moving in a defined range between $0.33 and $0.49, highlighted by the purple rectangle in the price chart.
Looking at the chart, this range represents a period of consolidation during which the price of Dogecoin appears to fluctuate between resistance and support zones. The analyst has depicted that a breakout above the range’s upper boundary could continue Dogecoin’s rally to new all-time highs at $1.05.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
