Bearish Pattern Shapes DOGE’s Path

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Doge­coin price has remained on a down­trend for over a month now. With the ongo­ing risk aver­sion, the alt­coin will like­ly curb its gains in the ensu­ing ses­sions. The cryp­to fear & greed index is sig­nal­ing extreme fear in the cryp­to mar­ket. In Tuesday’s ses­sion, it is at 25, which is an improve­ment from Monday’s 16. In com­par­i­son, the index exud­ed fear in the past week and greed in the pre­vi­ous month.

Dogecoin price prediction

DOGE is hov­er­ing around 1.8000 after bounc­ing off Monday’s low of 0.1596. Despite the record­ed gains, the alt­coin is still on a down­trend. The descend­ing chan­nel pat­tern, whose for­ma­tion began in ear­ly Novem­ber is a sign that it may remain under pres­sure in the short term.

At the time of writ­ing, Doge­coin price was up by 0.78% at 0.1800. On a four-hour chart, it is trad­ing along the 25-day EMA and slight­ly below the 50-day EMA. At its cur­rent lev­el, it may rise fur­ther to find resis­tance along the 50-day EMA at 0.1905. Above that zone, it may hit the psy­cho­log­i­cal lev­el of 0.2000 before pulling back.

On the flip side, eras­ing the day’s gains will like­ly have Doge­coin price find sup­port at 0.1602 or low­er at the psy­cho­log­i­cal 1.1500. For a trend rever­sal to occur, there needs to be enough bull­ish momen­tum to hit and sur­pass the pri­or sup­port zone of 0.2350.

Dogecoin price
Doge­coin price

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