Dogecoin Price Prediction: DOGE struggling for a breakout from its current declining channel

• Dogecoin price prediction shows traders attempted to push through the downtrend.
• After failing to reach any specific profit levels, and with price action already weakening, a false breakout appears to occur.
• Expect a decline of $0.21 to $0.16, which will provide room for a downtrend action.

The Dogecoin (DOGE) price action rebooted the downtrend with bulls attempting to break the shackles. The bid appears likely to fail since no fundamental profit levels have been reached. Besides, the price action appears to be fading downward toward a retest of $0.21. With a possible 23% depreciation in DOGE value, DOGE traders are advised to retain their stops at above $0.26 levels. Especially since there is no sign of a reversal pattern forming.

Bulls will be expected to push the price action above the 23.6% Fibonacci retracement level; before any trend reversal can take place. Considering that DOGE bulls have been unable to make any sustained progress. With this in mind, traders are advised to wait for the price action to hold above $0.21 before placing any long orders with targets at $0.30 and later at $0.40

Dogecoin Price Prediction: Dogecoin price is revealing weakness amongst the bulls, bears waiting to strike

DOGE/USD’s Dogecoin (DOGE) price action was somewhat favorable to the bulls with a breakout higher out of the purple downward trend line. Unfortunately, the breakaway was brief, indicating that the increase was primarily based on short-term profit-seeking bulls who had no intention of sticking around for any length of time.

In the worst-case scenario, DOGE will succumb to the bears. Bulls will provide some short-term support at $0.19 in September, while bears try to rebound from their losses after a month of constant decline. But there’s nothing in the way for price action to fall toward $0.16 beyond that. The previous support was held previously in August but is now expected to be breached.

DOGE/USD daily chart by TradingView

Bears may attempt to push for that $0.16. However, once they get there, it will be difficult for bulls to start accumulating DOGE at a bargain. Stops will be placed safely below the monthly S1 pivot level with the entry point just above it. Bulls have made an excellent entrance here for a long time, making it somewhat likely that we will see a breakout in the coming weeks or perhaps months.

But for any such move to materialize, it is best that DOGE price action holds above $0.19 which has been an area of interest since July 13 when bulls came charging out of the purple resistance level only to meet sellers at $0.21 and higher and then reverse course and head toward $0.19.

What to expect of DOGE in the next sessions?

Expect a larger price move if the $0.21 level is maintained, with prices projected to rise toward $0.26 as the uptrend is further tested but yet not broken in full. Bulls will be cautious and wary of a sentiment flip-down overnight to the downside, which means they will be guarded.