The price analysis carried out on Dogecoin (DOGE) by TradingView shows that its price has observed a 2.56% plunge in the past 7-days. The situation for DOGE hasn’t brightened even in the past 24-hours as the 24h drop rate has been 2.28%.
It suggests that DOGE is still struggling to keep its head high during the general crypto-plunge and its price has been dropping constantly. As per data from TradingView, DOGE’s price is down to $0.1722 after the plunges.
For now, the overall trend for DOGE is in favor of strong selling, which means that the investors are bearish about it. In the upcoming days, the bulls may not be able to build a strong rally but the analysts have still shared their predictions.
For now, the sell:neutral:buy a scale for DOGE shows that the ratio for the particular scale is 14:9:3. This means that the bears are much stronger than the bulls in launching a strong rally.
The bears are currently very strong as they can bring the situation in their control and pull the price of DOGE even lower.
According to the analysts, if the bulls attempt to launch a rally and keep it running at the lower level, they may be able to push DOGE up to $0.1902.
The $0.1902 per DOGE price is the first strong support mark for DOGE. If the bulls continue gaining more support, they may have the opportunity of pushing DOGE higher than the first strong support mark.
The next mark for the bulls would be to push its price higher and bring it all the way up to $0.2045 per DOGE. This would be the second strong resistance mark for DOGE and the bears will intensify their selling efforts. However, if the bulls manage to win against the bears, they may be able to push DOGE’s price higher. If all goes in favor of the bulls, they may be able to push its price all the way up to 200-day SMA ($0.2347).
The other strong possibility for DOGE is that the bears will exert tremendous pressure on the bulls and initiate a selling march. This would eventually bring the price of DOGE down to $0.1639 per DOGE.
From this point, the next target of the bears would be to continue with their selling pressure. By increasing the selling pressure, the bears will hamper the confidence and sentiments of the bulls, bringing them over to the bearish zone.
This would trigger another strong selling activity against DOGE, bringing it down to $0.1447 per DOGE. At this point, the bulls will have lost all confidence and it would be much easier for the bears to bring its price down to $0.1214 per DOGE.