Dogecoin (DOGE) Price Prediction: DOGE Succumbs to Headwinds
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Dogecoin (DOGE) Price Prediction, May 13
Since price action in the Dogecoin market lost the fight at the support at the $0.1434 price mark, the market has continued a steady downward correction. By observing the movement of price activity, it appears that bearish momentum is intensifying.
DOGE/USDT Long-term Trend: Bearish (Daily Chart)
Key Levels
Resistance Levels: $0.1500, $0.1700, and $0.1900
Support Levels: $0.1300, $0.1100, and $0.0900
Ever since price action in the DOGE daily market crossed below the middle mark of the Bollinger Bands, prices have continued to decline. And as previously noted, we can see that the momentum seems to be growing. Additionally, the Moving Average Convergence Divergence (MACD) indicator lines are still below the equilibrium level. What’s more, the line is about to deliver a crossover at this point. Technically, this will only strengthen bearish momentum should a crossover eventually result.
Dogecoin Price Prediction: Will DOGE Hit Lower Price Levels?
Considering the prevalent trend in the Dogecoin market, we can see that the market is eyeing lower price levels. At this point, the market is about to wipe out all the printed gains from about nine sessions ago. The appearance of the last price candle here suggests bearish momentum may be accelerating toward the support at the $0.1290 mark. And since the market now trades below the middle limit of the Bollinger Bands, this is a possibility.
Also, the MACD is about to deliver another bearish crossover. This will further strengthen the downward correction in this market. To this effect, the bars of the MACD indicator have now vanished into the equilibrium level. This seems to signal that upside forces are defeated in this market, and bears may move the market toward lower price levels.
DOGE/USDT Medium-term Trend: Dogecoin Fixes Gaze at Lower Price Marks (4-H Chart)
Even in the Dogecoin 4-hour market, we can see that the bearish trajectory in this market stays intact. A stronger downward correction occurred in the previous session in this market. The ongoing session has continued on the same path but has only produced minimal gains. This has kept the market hugging the lowest limit of the Bollinger Bands.
Meanwhile, the MACD indicator lines have diverged downward below the equilibrium level after approaching a bullish crossover. The bars of the MACD below the equilibrium level have started appearing solid red to show that headwinds are strengthening in this market. Therefore, traders may see the market hit the $0.1300 mark shortly, as the market may extend towards the $0.1290 mark.
