Dogecoin Is Down 70% from Peaks, DOGE Analysts Predict More Losses to $0.15

Dogecoin might just have some legs judging from the performance in the daily chart. After all, the project solves the remittance problem, is dynamic, and has an active community.

The first cheerleader being Elon, the celebrity centi-billionaire, even says the next SpaceX’s mission to Mars might see the meme token accepted.

Overly, this is solid. However, these were comments made mid this year when the coin was soaring.

Dogecoin Market Performance and Price Status

From the DOGE daily chart, sellers are in a commanding position.

Still, there are flashes of strength.

The rapidity of the uptrend depends on the strength of the breakout above recent resistance levels and trading volumes.

These are critical ingredients required to prop the next leg up and help Dogecoin bulls recover part of the 70 percent losses of H2 2021.

Currently, DOGEUSDT prices are in a consolidation with a clear support at $0.19 and $0.15 on the lower end.

Limiting the leg up is the resistance trend line and the middle BB–which have been defining price action in the past few weeks.

Also, the November 26 high at around $0.24 represents a liquidation line that must be broken to the upside to validate buyers.

As it is, bears have the upper hand from an effort-versus-results perspective. This position will only shift if there is a close above the middle BB if buyers confirm the series of recent higher highs.

A close below $0.19 will only nullify the uptrend, weighting for bears in a move that could see DOGEUSDT slide to $0.15, confirming losses of late November 2021.

Dogecoin Is Bullish If $0.20 Holds

Even in the face of weakness, DOGE traders are confident.

For instance, in an analysis of the DOGEUSDT chart in the daily chart, an analyst notes that prices are bouncing off a critical support line at $0.20.

Time for @dogecoin analysis.
Price is holding off at the support of $0.2. A good bounce from here might see some #bullish movement. Visible resistance is at $0.23, if price breaks here and RSI 14 turns strong buy, you can expect more gains. #DOGEUSDT pic.twitter.com/hKrkPaHIla

— Crypto Shiller (@shiller_crypto) December 2, 2021

The round number, in his view, must therefore hold for the uptrend to be valid.

Specifically, DOGE will likely tear higher once the $0.23 level breaks and RSI turns from the oversold position.

This switch in momentum will be pro-bulls and would determine how quickly buyers recoup losses.

The upside cap, as mentioned earlier, flashes with the November 26 high—a bar currently defining DOGEUSDT price action.

DOGE is going to $1

On Trading View, another trader thinks DOGE price increment to $1 is inevitable.

He observes that after strong H1 2021 moves, the current contraction was expected.

Per his analysis, the present sideways movement inside a broader channel is an accumulation, a base for propelling DOGE to above $0.70 to $1 in a bullish continuation pattern.

Notably, DOGEUSDT prices are trading at the 78.6 percent Fibonacci retracement level of the H1 2021 trade range.

The buyers’ resilience and optimism from the community provide strong fundamental tailwinds needed to propel DOGE to $1—or better as per the analysis.

Meanwhile, if DOGE bulls lose $0.15, the coin may drop back to $0.04, continuing the end of November 2021 trend.

DOGEUSDT is Bearish

From YouTube, one chartist is bearish on DOGE, noting that it is already in a bear breakout pattern below a pennant.

Therefore, as long as prices are below the support trend line—now resistance—and $0.23, DOGE may likely post deeper corrections.

In that case, the first bear target lies at around $0.15—a key support line.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.