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Dogecoin (DOGE) has always been in the spotlight due to its position in the market and the interest it attracts. As of this writing, DOGE continues to hold a crucial position, and losing this could trigger significant losses for investors. A broader market analysis shows an increasing downward trend in DOGE. This situation could potentially worsen.
Will Dogecoin’s Price Drop?
As of today, Dogecoin’s price continues to trade above a critical support level that could potentially result in a death cross. The recent rally in the crypto market could influence this outlook on altcoins.
A similar view might have emerged on the Moving Average Convergence Divergence (MACD) side, a trend-following momentum indicator that considers the price of an asset’s two moving averages to reveal trend changes.
Looking at the indicator, the decrease in green bars in the histogram could suggest a potential downward transition. Despite being the first optimistic outlook in the past month, this indicates a slowdown in the rise.
Overall, given the market conditions, there seems to be no recovery outlook, and investors might want to create a saving effect on an asset. However, investors might still want to step back, and the situation for DOGE may not go as desired.
The Global In/Out of the Money (GIOM) indicator suggests that if Dogecoin’s price drops, the profitability of 12.48 billion DOGE purchased between $0.13 and $0.15 could be lost, potentially moving $1.8 billion worth of supply into a loss, encouraging investors to hold until gains reappear.
What Will DOGE’s Price Be?
As of this writing, DOGE’s price has risen above the $0.15 level, which has been tested multiple times as a significant support level in the past. Historically, a drop below this crucial support level has opened the way for a decline to the $0.12 support level.
Exponential Moving Averages (EMA) could have triggered a potential death cross formation. A death cross is known as a bearish formation where the short-term 50-day EMA crosses below the long-term 200-day EMA, potentially indicating an ongoing downward trend.
Looking at all these events, DOGE could potentially retreat to the $0.12 support level, and this process could result in a loss of $1.8 billion. On the other hand, if Dogecoin continues to stay above $0.15, this bearish thesis could reverse, bringing 12.48 billion DOGE back into a profitable position.
