- Dogecoin sees its price printing a bearish pattern that indicates that the meme coin might plummet by 20%.
- The altcoin will have to close over the 100 four-Hr SMA near $0.197 and the 200-d SMA to annul the bearish mood.
- Dogecoin has insufficient possibilities to rise in the near term.
Dogecoin’s price appears to depict a technical formation that indicates bearishness in the coming sessions. As the sentiments favor bears, the meme coin risks losing 20% of its value. The crypto has little chances to surge as multiple resistances obstruct any emerging bullish momentum.
Bearishness Confronts DOGE
According to the four-hour chart, DOGE forms a head-shoulder price pattern. That way, the alternative coin’s downward path seems the easiest to explore.
The price pattern is likely to dictate Dogecoin’s moves. Keep in mind that the governing chart formation provided a bearish attitude, showing that DOGE might see a massive sell-off.
If you calculate the distance from head to neckline shows that Dogecoin targets a 19% price swing.
With such an attitude, DOGE might fall by the predicted 20%, to hover around $0.163.
At the moment, Dogecoin relies on the 100 four-hr SMA for support. The line serves as DOGE’s critical defense level.
Meanwhile, if DOGE breaches the 100 4-hr SMA and closes beneath $0.196, it will trouble bulls as the meme asset will secure support around the 78.6% Fib retracement at $0.187.
If buyers fail to step up at this zone, DOGE might plunge towards the demand area starting at $0.179 before dropping to the lowest mark indicated by the existing chart at $0.163.
Meanwhile, if Dogecoin decided to reverse the prediction, recovering over $0.204, it will still have inadequate momentum to uptick.
The 200-hr, 50-hr, and 20-hr SMAs show that Dogecoin will face a massive resistance around $0.207, slightly beneath the 61.8% Fib retracement level.
The IOMAP stats suggest that a critical hurdle awaits DOGE as 53,670 addresses purchased 11.37 Dogecoins at $0.207.
Dogecoin might require a persuasive upside push to reverse its underperformances. With that, it may retest the 26 high July at $0.233 again.
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