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DOGE Price Down 7%, is the Hype Over?

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After the big rise came the downfall of Dogecoin, or so it seems. DOGE prices tumbled by more than 7% in the past 24 hours. This price decrease made some Dogecoin investors uncomfortable, especially novice ones that directly placed buy positions at around 14 cents. At the current price of 11.6 cents per Doge, can we expect a recovery? Is the current Dogecoin crash part of the uptrend or is the hype over? Let’s analyze in this Dogecoin price prediction.

What happened to Dogecoin today?

In the past 2 weeks, Dogecoin price saw a massive 100% price increase. This was due to several factors affecting from one side the crypto market as a whole, and from another side Elon purchasing Twitter.

After such as high rise came the adjustment. Most technical traders are already familiar with retracements, especially after such harsh price increases. In fact, in a previous article, we did warn about purchasing DOGE at such high prices, especially during this time. This is where early traders start to cash out their profits.

Fig.1 DOGE/USD 1-day chart showing the retracement of DOGE – GoCharting

Will Dogecoin recover?

After such a rise in DOGE prices, an adjustment is only normal. The recovery phase however should take into account two factors:

  1. A general continuation of the uptrend of the crypto market as a whole
  2. An end of profit-taking from Dogecoin investors and traders

Regarding the first point, this would be clear once Bitcoin breaches the $22,000 price mark higher, following a somewhat “green” crypto market. For the second point however, it would be clear to see DOGE prices standing at support levels such as 10 cents or 11.11 cents with green daily candles. Only then can we say that Dogecoin price recovered.

exchange comparison

Dogecoin Prediction: Will DOGE continue to CRASH?

A 7% price adjustment after a 100% price increase is normal. Only traders and investors who bought the top before waiting for the adjustment are currently in the red. In case they placed adequate stop-loss triggers, their losses would be contained. If not, it would be a smart idea to do so today.

Dogecoin may continue to slide lower in case prices reached the 10 cents price area. From there, we can expect either scenario:

  • Prices rebound higher (with a confirmation of a green crypto market as a whole)
  • Prices might crash lower than 10 cents and continue the downtrend

If the latter scenario happens, it would be a good idea to place a stop-loss trigger right below 10 cents depending on your risk plan. For now, the 10 cents price mark is a strong support for DOGE prices.

dogecoin price crash
Fig.2 DOGE/USD 12-hours chart showing the potential scenarios of DOGE – GoCharting

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