Dogecoin (DOGE) Might Not Climb Above $0.17 Soon – Here’s Why

  • Dogecoin price remains under pressure as bearish technical elements act as headwinds and tail risk.
  • The meme coin might endure more losses towards the $0.0409 lows.
  • That would mean a 55% slump in DOGE prices.

Dogecoin’s price might say goodbye to the $0.10 mark soon as it appears primed for another drop in the coming week. The original canine-themed crypto hovered beneath the value area in the mentioned time frame.

With no impending upside tests, DOGE presents a lack of capital inflow and bulls to squeeze DOGE upside. Moreover, the crypto does not have nearby support levels. Downward actions will meet the first foothold at $0.040. That means a 40% decline before bulls discover grounds to trigger upticks.

DOGE to See 50% Discount

Dogecoin seems primed for an over 50% decline if market players fail to trigger swift capitals into the marker. The Relative Strength Index reveals more threats as it flattens amid declining prices.

As the RSI refrains from dipping, a long stretch might be in the making to pull DOGE lower amid long-term downtrends. Such a move will deteriorate investor interest, and that’s why Dogecoin would take time before exploring levels beyond $0.10.

Meanwhile, DOGE has steady hurdles to the upside. The first one stands at the $0.1004 pivot level, near the 55-day SMA of $0.1255. The value area matches the historical pivot, and the 200-day Simple Moving Average at $0.16 serves as a cap. These obstacles mean upside rejections, as the meme token saw within the past four weeks.

Another element diminishing DOGE upside hopes is that the price trends will react to massive tail risks, impending regulatory concerns, and geopolitical tension. Such facets repel capital into the market as they scare online traders. Dogecoin’s demand would dry, providing sellers the fuel to drive DOGE to $0.0409, translating to a 50% decline.

Though the above information reveals a massive obstacle for the token, DOGE can flourish if markets dip into calm waters. The financial space would see an improved mood presuming stock markets respond to economic data with rallies for some days.

That can see money flowing into crypto again. Meanwhile, DOGE would overcome upside hurdles and possibly hit the highs at $0.18.