Critical Dogecoin (DOGE) Support Levels at $0.112-$0.123: Predictions for Future Price Movements


Dogecoin Faces Critical Support Level Amid Market Bloodbath

Dogecoin, the popular meme coin, experienced a significant crash in the recent crypto market downturn, recording double-digit losses. This has pushed its support lower, with $0.112-$0.123 now serving as the crucial level to hold. But what happens if it falls below this support?

Dogecoin Must Hold Support At $0.112-$0.123

Renowned crypto analyst YG Crypto, in a recent analysis, identified $0.112-$0.123 as the major support levels for Dogecoin following the price crash. These levels are significant as they have previously prevented massive price crashes for Dogecoin. As of now, Dogecoin needs to maintain above this level to continue its bullish trend. However, if it fails to hold, it could signal further downward pressure, leading to a potential 15% crash and a cumulative 50% decline in the DOGE price from its 2024 peak.

DOGE Price Could Break Out Higher

Despite the bearish fundamentals, not all analysts are expecting a price decline. Crypto analyst Ali Martinez has identified a formation in the DOGE price chart that hasn’t been seen since 2021. Martinez explained that the Dogecoin price had finally broken out of a descending triangle, a historically bullish sign. The analyst also noted that the current 40% drawdown in the meme coin’s price is in line with historical performance. In 2017 and 2021, similar declines were followed by significant bull runs. If history repeats itself, Martinez believes that DOGE can rally 4,600% to $6.

Conclusion

The future of Dogecoin’s price hangs in the balance as it faces a critical support level. While some analysts predict a further decline if the support level fails, others see potential for a significant rally based on historical trends. As always, market sentiment and global economic factors will play a crucial role in determining the future trajectory of this popular meme coin.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Tron’s Network Activity Soars as TRX Price Remains Bearish – Will a Rebound Follow?

Tron’s network activity has maintained strong growth...

Banana Gun (BANANA) Surges 44% Following Binance Listing and Airdrop News

The trading bot altcoin, Banana...

Can Ethereum ETFs Spark an Altcoin Season Amidst Rising Bitcoin Dominance?

The cryptocurrency market is bracing for pivotal...

Solana [SOL] Bullish Rally Faces Key Resistance Zones Amid Speculative Optimism

Solana is demonstrating significant bullish...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Chainlink Price Forecast: Falling Wedge Pattern Signals Strong Bullish Reversal for LINK

The recent price activity of Chainlink (LINK)...

Solana Price Breaks 4-Month Stagnation with 41.3% Surge and $172.2 Target

Solana recently ended a 4-month period of...

Dogwifhat Price Targets $4 Amid Strong Bullish Momentum

Dogwifhat is experiencing a notable upward momentum...
Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Tron’s Network Activity Soars as TRX Price Remains Bearish – Will a Rebound Follow?

Tron’s network activity has maintained strong growth over the last 30 days, indicating a rising adoption of the blockchain. Despite this...

Banana Gun (BANANA) Surges 44% Following Binance Listing and Airdrop News

The trading bot altcoin, Banana Gun (BANANA), sees a rally following its integration with Binance, the leading cryptocurrency exchange by...

Can Ethereum ETFs Spark an Altcoin Season Amidst Rising Bitcoin Dominance?

The cryptocurrency market is bracing for pivotal movements as analysts and investors closely monitor Bitcoin (BTC) and Ethereum (ETH) trends. There...