With a massive fall in the crypto market, the highly volatile meme coins are taking the biggest hit. Amidst the plethora of meme coins, Dogecoin, with the biggest market cap, experiences a 17% drop in DOGE token price.
However, the crash in the last 48 hours brings an entry opportunity for loyal HODLers and long-term players. But will the Dogecoin price take a bullish route anytime soon in the short term? Will the meme coin hit $1 in the next jump? Read our DOGE price prediction NOW to find out.
Dogecoin Under Pressure Retests $0.18
The DOGE price shows two consecutive red candles with the overall market trend under a bearish flag. This theme is followed by most altcoins and reflects the sellers dominating the trend.
Amidst the bearish control, the DOGE price retests the bullish breakout of the $0.18 mark. With a double top formation, the retest comes with a huge increase in overhead supply.
Currently, the DOGE price trades at $0.1850 and forms a dragonfly candle with a long tail. This comes as a bullish attempt to avoid a bearish closing under the critical demand zone.
With this candle, the chances of a reversal regain significance and project underlying demand. However, the DMI indicator shows a small dip in the ADX line as the VI lines prepare a negative crossover.
Will DOGE Price Bounce Back?
As per the trend-based Fibonacci levels, the retest of $0.18 comes as the retest of 50% Fibonacci level. This reflects a strong presence of bullish elements at the level. Hence, the chances of a bounce back are increasing, signaling a buy the dip opportunity.
Considering the uptrend regains momentum, the DOGE price could hit the $0.2964 mark in a fortnight. On the flipside, the downfall continuation under $0.18 might retest the dynamic support of 50D EMA at $0.1532.