Hand holding gold cryptocurrency Dogecoin with candlestick chart and digital background.
Dogecoin (DOGE), like other meme coins, has been facing intense bearish pressure and has been unable to attract a meaningful rally for a while now. Given the recent price declines, determining the next price path for the crypto asset has been a major debate in the cryptocurrency landscape.
Diving into the topic, popular cryptocurrency analyst and enthusiast YG Crypto Issued A warning forecast caught the attention of the Dogecoin community, predicting that the value of the largest meme coin could fall to $0.09.
Dogecoin’s next price path will be determined by the breakout.
YG Crypto analysis was conducted amidst ongoing market instability and increased volatility in the cryptocurrency space, which has seen significant price fluctuations and a downward trend in recent weeks. His prediction addresses DOGE’s recent price action, especially the critical support area that could send the price lower if the asset fails to hold around it.
According to YG Crypto, Dogecoin is currently trading near a crucial support zone between $0.11200 and $0.11500. If DOGE breaks below the support range, the expert expects a deep revisionpossibly reaching the $0.095 threshold. “The overall descending channel also indicates a bearish bias,” the analyst added.
Although DOGE may be preparing for a potential downtrend, YG Crypto believes that there is still a possibility that the digital asset will turn around and start moving on an upward trajectory.
The expert noted that DOGE may be able to overcome the dynamic resistance and return to the $0.170 and $0.176 price levels again if it manages to maintain the breakout above $0.16 and reach the upper limit of the channel.
This prediction from YG Crypto underscores how volatile Dogecoin’s price has been lately and how important market sentiment is in determining its value.
Is it possible to get $1 or $2?
Dogecoin, which is currently trading at around $0.12, has struggled to maintain its value during the broader market decline. Cryptocurrency analyst Kaleo noted that progress Insight into the negative move, noting that he would not be surprised if it fell to $0.08 or $0.1.
Kallio stressed that despite the previous price pumps of 6,000% and 30,000% that we witnessed during the first days, DougBitcoin price has been moving sideways or downward ever since. Since these explosive moves occurred 8-9 months after the Bitcoin halving, the analyst does not expect any major moves until December and February of next year.
Taking all this into consideration, Kallio believes the uptrend may reverse and send DOGE into the 8-10 cents region, tracking the bullish gains seen in February of this year. “A similar trend break with a 30% decline and pullback occurred in August 2020, several months before the DOGE outbreak began and reached the giga level,” he added.
Although Kaleo expects a downward trend for Dogecoin, he still believes that it may reach the $1 and $2 threshold in the coming months, due to… com. memecoin Super cycle.
Featured image from iStock, chart from Tradingview.com