TL;DR Breakdown

• Doge price prediction shows over the past few days; DOGE has been closing the day below critical support levels, suggesting an oncoming bearish trend.
• The present selling spree has forced DOGE to fall back and into forming a symmetrical triangle pattern.
• If DOGE manages to move past its critical demand barrier at the $0.046 mark, it could reverse the current trend to a positive outlook.

At the beginning of the month, DOGE managed to record a massive price surge following Elon Musk’s tweet about the crypto coin. However, the sudden price surge has undone almost all its gains at present.

DOGE Price Prediction: General price overview

With each passing day, DOGE is becoming more and more of a household name in the crypto market, with its social volume bypassing BTC on several occasions. However, March’s month seems to have been a bad month for the meme coin as it continually battled a descending trend line resistance. Due to this pattern, DOGE formed a primary support line at the $0.5 mark.

In the meantime, it is evident to all that the founder and CEO of Tesla, the world’s largest electric motor vehicle manufacturer, is meme coin’s most enormous enthusiast. On April 1, Elon sent out a tweet speculating his SpaceX space exploration company to erect a literal DOGE token on the literal moon. SpaceX is one of the renowned private space exploration companies.

As a result of the tweet, Dogecoin recorded a 31 percent price surge in a single 4-hour candle, breaking previous overhead barriers at the $0.0591 and $0.0663 mark. However, the good news was short-lived as DOGE repealed most of its gains as holders choose to sell to make profits. The selling spree saw Dogecoin pullback into the consolidation phase, and according to analysis, if this current trend continues, DOGE risks setting up a lower boundary at the $0.051 mark. If this happens, the meme coin is likely to experience further price declines.

DOGE price movement in the past 24 hours

According to DOGE’s 24-hour chart, the meme coin is still in the red zone, experiencing a downward trend. If the situation does not change, Dogecoin risks plummeting by 7 percent towards the Momentum Reversal Indicator’s (MRI) breakout mark at the $0.046 region. If the selling spree goes unchecked, the bears will likely pull down DOGE’s price by another 12 percent, resulting in it settling around the $0.042 region.

DOGE 4-hour chart

DOGE’s 4-hour chart is painting a bearish outlook, with the chart showing the meme coin is struggling to slice above the $0.6 region. Validating the bearish picture is the IntoTheBlocks IOMAP model, which presents a significant supply barrier at the $0.06 region. Here, more than 50,000 investors that held more than 15 billion Dogecoins are “Out of the Money.”

This shows us that the $0.06 region is going to be a tough nut to crack. Additionally, the demand barriers below Dogecoin’s current price are compact but closely knit. Therefore, a sudden surge in selling pressure is likely to generate a domino effect that is also likely to overturn all other support levels.

Conclusion

It is too early to throw in the towel when it comes to DOGE, as an Elon tweet or a celebrity tweet is likely to result in an unexpected price spike. In such an event, Dogecoin is expected to push through the above-mentioned overhead barriers.

Suppose Dogecoin manages to record a crucial close above the Momentum Reversal Indicator (MRI) breakout line at the $0.07 region, it could witness a further 16 percent surge. That would see it settle around the $0.08 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Source: https://www.cryptopolitan.com/doge-price-prediction-2021-04-03/