Home Cryptocurrency

Dogecoin price to return to $0.09 as DOGE enters bear market – FXStreet

Ads

Jonathan Morgan Jonathan Morgan
FXStreet

Dogecoin price continues to face significant weakness. A double whammy of low participation due to seasonality and a bearish outlook has leaned heavily on any near-term positive movement for DOGE.
Dogecoin price has completed one of the most sought-after long-term bearish signals within the Ichimoku Kinko Hyo system: the Ideal Bearish Ichimoku Breakout. The rules for this are as follows:
All of the above conditions are currently true for Dogecoin price. As a result, a solid and sustained downside move is now likely for Dogecoin, with an initial support zone that may not appear until the $0.09 value area. After that, the volume profile becomes thinner, the lower DOGE falls, and the speed of the descent also increases.
The ultimate support for Dogecoin may not appear until the 2021 Volume Point Of Control at $0.05 – but that would represent a clear capitulation move as Dogecoin will have lost over 93% of its value from the all-time high established in May.
image 637750102272468316
DOGE/USDT Daily Ichimoku Chart
The only near-term relief that bulls may find is an incoming mean reversion setup on the weekly chart. The gaps between the bodies of the weekly candlesticks and the Tenkan-Sen continue to widen. A return to test the Tenken-Sen at $0.24 is increasingly more probable the longer that Dogecoin spends away from that level.
To deny any further bearish bias, Dogecoin would need to have a weekly close at or above the $0.25 value area.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Shiba Inu (SHIB) price slipped in late trading hours on Thursday after earnings shook the markets. Instead of seeing a continuation to the downside, bulls have already pared back most of the incurred losses and are back on track to test the sloping side of a wedge pattern. 
Polkadot price is at a junction where a failure to breach through significant hurdles will result in a corrective phase. On the other hand, a swift recovery above these levels could set a base for impressive gains.
Despite the recent pullback in Axie Infinity price, there is a rise in the number of holders of the gaming token. Analysts have revealed a bullish outlook on Axie Infinity, predicting recovery from the downtrend. 
Crude oil prices continue to trade in uneventful fashion, with front-month WTI futures stuck within their intra-day ranges of the last few days in the low $100s, as traders mull various conflicting themes.
Bitcoin price reveals an opportunity to buy as it stoops to crucial support levels. This downswing looks to be a ploy from market makers to purge the sell-side liquidity before triggering an uptrend.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

source

Ads
Previous articleMicrosoft made a joke about Teams. It contained a bitter truth – ZDNet
Next articleMoon and 4 planets after sunset January 3 to 5 – EarthSky