Two days ago, a crypto analyst correctly predicted a The exchange rate of Dogecoin has decreased to talawhich has happened since then. According to the analyst's latest forecasts, Dogecoin is set for a faster decline, with a 30% crash expected from its current trading price.
Analysts Forecasts 30% Price Crash
The Dogecoin exchange rate has risen against $0.35, marking a significant decrease of 14% over the past seven days. Earlier this month, Dogecoin was trading above $0.4 after seeing a significant increase driven by the positive market sentiment fueled by Donald Trump's victory in the US presidential elections.
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TradingView's crypto analyst, known as the 'MMMBTrader' who correctly predicted Dogecoin's recent price crash, is now upgrade his forecasts to warn of another possible recession. Share the chart analyst, analyzing Dogecoin stock price history and future trends. Currently trading above $0.3, the price of DOGE is slowly creeping up struggle against crisishighlighted by the red zone at the $0.438 level.
The red arrow on the chart shows a possible short-term correctionready to trigger a Dogecoin price crash to the central support area near the $0.25 mark. This huge price drop is indicative of a 30% drop compared to the current Dogecoin price. Furthermore, the analyst suggests that this predicted price crash is a result, aligning with 0.618, the Fibonacci level indicated on the chart.
The TradingView analyst has also indicated that if the price of Dogecoin can establish a strong support at the level of $0.25, it could confirm its bullish trend continues. Such a development could pave the way for a potential Dogecoin price rally in the near term.
Moving forward, the green arrows in monitors DOGE stock price history represent the next possible phase pump. The analyst has predicted that a solid rebound from the $0.25 support level could trigger a new bullish level for Dogecoin. In addition, it plans a new bullish target towards the $0.75 area for Dogecoin, marking an important level jump to new price increases.
Overall, the TradingView analyst has identified $0.45 as the level to watch. While a drop to $0.25 would indicate a 30% crash for Dogecoin, a possible rise to $0.75 would represent a 115% price increase.
Dogecoin Price Breakdown To $1 Seen
While Dogecoin exchange rate is going down against kinaTrader Tardigrade, a prominent crypto analyst, has expressed confidence in the potential upside trend of the meme bottom. According to the analysis, Dogecoin is currently moving in a marked range between $0.33 and $0.49, highlighted by the purple rectangle in the price chart.
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Looking at the table, this field represents a consolidation period when the price of Dogecoin seems to fluctuate between resistance and support zones. The analysis has shown that a break above the upper limit of the range could continue Dogecoin's rally to new promotions all the time to buy for 1.05 US dollars.
Featured image created by Dall.E, chart from Tradingview.com
