According to Analyst Filip L., Dogecoin price has put the brakes on the technical level and is seeing more bears participating in the descent. Dogecoin price action is getting deeper as global market sentiment worsens. Wait for DOGE bulls to push towards $0.12 adjusted for a possible sharp decline. Details are on Kriptokoin.com.
Level predictions for DOGE
“For a possible breakout, expect price action to consolidate further next week,” says the analyst. Dogecoin (DOGE) price action is not getting any support from the markets due to the turmoil with Ukraine and the current volatility this past week. It seems increasingly plausible that price action will need to drop to $0.12 first, as DOGE bulls haven’t seen any new surge of interest. However, DOGE price action will lose another 15% of its value by next week, depending on the weekend result in Ukraine.
Dogecoin bulls attempted to restart price action after the candle wick pierced the 55-day Simple Moving Average (SMA) last week, weakening the bears a bit. Technically, Dogecoin price action is still under siege of a death cross and the 55-day SMA is a price cap on the upside of the price action. However, the assumption that this week has lost its importance turned out to be false, and the bulls were not even able to test it before the bears arrived and completely knocked the bulls out in their efforts. Based on the weekend sentiment and possible geopolitical headlines, DOGE looks set to lose another 15% of its value and return to $0.12.
Only at these levels, investors will likely want to reconnect as Dogecoin will offer a nice discount again for 2022 at these lows. From there, another bounce is possible, but we expect the 55-day SMA to trade even lower and squeeze the bulls further. Depending on any headlines or the positive outcome of the talks, analyst Filip L. said, “Expect to see a 180-degree sentiment change in Dogecoin; “This will see the bulls open another hole at the 55-day SMA before reaching the monthly pivot at $0.16.”
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