Dogecoin Price Prediction: Danger lurks as bears threaten to correct Dogecoin by 15 percent

DOGE price prediction summary

• Following the appearance of a death cross on the daily chart, Dogecoin’s price takes a hit.
• After a short-term bull run, DOGE may fall 15% as selling pressure builds.
• If Dogecoin’s price fails to break either of the trend lines on the chart pattern, it will continue to oscillate within the triangle, moving sideways.

Following the appearance of a bearish signal on the daily chart, Dogecoin’s price is vulnerable to a 15% drop. Before the meme coin can establish a solid foothold and prevent further decline, DOGE bears are preparing for a fall toward $0.204.

Dogecoin Price prediction: Memecoin price confronts dangerous Death Cross

After nearly a 40% advance from the swing low of $0.193 on September 29, Dogecoin’s price is retracing. Despite the optimism generated during the DOGE rally over the past week, the token has been unable to mount a prolonged consolidation that can give it room for another leg higher.

As the price begins to trend lower, DOGE/BTC may be in line for a fall toward 0.00009 BTC if the sell-off extends beyond the triangle pattern formed on September 23 – October 2. The chart below shows Dogecoin price (DOGE/BTC) on the daily time frame.

On the daily chart, a Death Cross has formed as the 50-day Simple Moving Average (SMA) crossed below the 200-day SMA. The technical indicator appears only on a chart when the asset’s short-term moving average crosses below its long-term moving average and points to a DOGE selloff.

On the daily chart, a symmetrical triangle has been established, as DOGE falls higher and lower highs. Given the sell-off signal, Dogecoin bears may look to take the currency down toward the downside trend line of the current chart pattern before it shows any more directional intentions.

Dogecoin’s price may find immediate support at the 100-day SMA, which is currently near $0.240 and will decline toward the 38.2% Fibonacci retracement level at $0.232. If more selling pressure arises, DOGE could fall to hit the 20-day SMA at $0.2000.

DOGE/USDT price chart by TradingView

The sell orders have continued to dominate the Dogecoin market since the start of the chart pattern formation in June, despite the low trading volume. The Arms Index (TRIN), which assesses overall market sentiment, indicates that the bears are winning, with more selling pressure than buying pressure in DOGE.

What’s next for Dogecoin price? 

Dogecoin’s price must climb above the 50-day SMA, which resides at $0.254, in order for Dogecoin to resume its rise. If the bulls can push prices higher against a flood of sellers, the meme coin will next aim to recover towards the 200-day SMA at $0.264 and reach the resistance at $0.214.

If the market sentiment improves over the next few days, DOGE could achieve a sustainable recovery if it crosses back above the 100-day SMA at $0.232 and retests last week’s high of $0.248 again before bulls take charge for good.

DOGE may continue to oscillate inside the chart pattern until Dogecoin reaches the top of the triangle pattern, at which point it may fall back into the confines of the pattern before breaking out.