Dogecoin Price Predictions

Major meme cryptocurrency Dogecoin (DOGE) may see its price dropping in the near future. Early signals indicate a potential death cross on its price chart.

What is a Death Cross?

For those unfamiliar, a death cross occurs when a short-term moving average crosses below a long-term moving average. In the case of DOGE, its 23-day moving average is approaching a crossover with the 200-day moving average.

Possible Price Drops

If the unfavorable scenario materializes, the price of DOGE could fall to around $0.18, which represents the nearest strong support level. This would signify a 26% drop from its current price.

The worst-case scenario would see Dogecoin revisit its pre-November pump levels at about $0.13, indicating a 40% drop from recent prices and a 72% decline from local peaks.

Looking Ahead

However, there’s a possibility that the market has already accounted for this death cross, which could potentially signal a bottom for Dogecoin. This could trick bearish traders, leading to price stabilization or a rebound post-crossover.

Current Market Sentiment

The situation remains precarious, and traders should monitor more than just this single indicator. For now, the sentiment is cautious. Despite the oversaturation in the meme coin market, Dogecoin continues to be the most talked-about coin and is expected to regain popularity.

Maybe it will finally land on the Moon with the SpaceX mission?