Dogecoin Faces Critical Rejection: Will $DOGE Drop to $0.10 or Soar to $1?

Breaking: Dogecoin Faces $0.3672 Stagnation Amid $1 Speculation

Dogecoin’s chances of a breakout and trend reversal face threats as bears dominate the falling wedge. This bearish turn could drop $DOGE to $0.10. With Bitcoin’s major rejection from the $70K mark, broader market sentiment remains at risk. Amid the growing supply, meme coins like Dogecoin and Shiba Inu face long-term patterns.

Rejection and Correction Risks

Dogecoin’s retracement from crucial resistance warns of an intense correction if the market slides. The token might drop below the $0.10 psychological mark or prepare for a moonshot to $1. Currently, Dogecoin trades at $0.12885, forming a Doji candle with a minor 0.38% gain. High price rejection leads to a resistance trendline.

Dogecoin Price Analysis. Source| TradingView

Bearish Cycle Signs

Holding above the $0.10 psychological mark, a descending support trendline forms a falling wedge. Dogecoin’s recent struggle near the overhead trendline teases a bear cycle. Moreover, consecutive bearish candles with long wicks bolster this possibility. The immense supply near the trendline likely pushes DOGE to the $0.10 cushion pad.

Bullish Indicators

However, the bullish crossover in the VI lines supports a potential bull cycle. The daily RSI line remains above the halfway point, confirming daily momentum indicators support a bullish view. Despite the struggle, underlying demand preserves hope for a bullish revival.

Short-Term Bull Cycle Weakness

In the 4-hour chart, the ongoing Dogecoin bull cycle faces opposition at the overhead trendline. This reveals a triangle pattern formation. Buyers struggle to sustain prices and keep the trendline intact. As the $DOGE trend approaches the bottleneck portion, the trend will likely get a clearer path.

Potential Breakout and Targets

A bullish breakout could pump the altcoin to the R3 pivot point at $0.16, a 28% jump this week. Conversely, a downfall under the trendline will likely continue to $0.10, with minor reversal chances at the $0.11919 pivot support. The stochastic RSI line shows a bull cycle ready to start, as the KD lines give a positive crossover in the oversold zone.

Dogecoin Price Analysis. Source| TradingView

With double-edged price action in two different timeframes, Dogecoin approaches a highly volatile crossroads. Consequently, the meme coin is likely to witness sharp moves this week. According to Fibonacci levels in the daily chart, the wedge breakout could hit the 50% Fibonacci level at $0.1626. However, a fracture in the 4-hour support trendline will lead to a bearish trend.

Read Also: Can Dogecoin Repeat History? Analysts Foresee Up to 230% Price Increase

Dogecoin’s current situation requires close monitoring by traders. Be prepared for significant market movements.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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