Dogecoin (DOGE) Price Prediction: DOGE/USDT Sees a Moderate Downward Retracement
Estimated Reading Time: 3 minutes
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Dogecoin (DOGE) Price Prediction December 9:
Price activity in the Dogecoin market has continued generally upward since it broke through the $0.3500 price level. Things haven’t been straightforward as the market marches from one higher support to another. The market currently is at another downward deflection but still seems poised for a continued upside correction.
DOGE/USDT Long-Term Trend: Bearish (Daily Chart)
Key Price Levels:
Resistance: $0.4700, $0.5000, $0.5300
Support: $0.4400, $0.4200, $0.4000
The last price candle on the chart has appeared bearish; likewise, it seems to have wiped out gains from the previous session. Yet, it keeps the price of the Dogecoin token above all the Moving Average (MA) curves. On the contrary, the Stochastic Relative Strength Index lines can be seen still rising generally upward. The lead line of the indicator can be seen to have risen past the 50 level of the indicator. Meanwhile, the lagging line of the indicator has just made it past the 40-threshold level.
Dogecoin (DOGE) Price Prediction: DOGE/USDT Still Seems Eyeing the $0.5000 Resistance
Although the ongoing session in the Dogecoin daily market is currently bearish, and it has posted a considerable price decline such that it had wiped out all the gains from the previous session, as earlier noted, however, despite this, the market still stands well elevated above all the MA curves on the daily chart.
In addition, the Stochastic RSI lines are still generally projected upwards. It is only through keen observation that one can perceive a slight deflection on the lead line of the indicator. Nevertheless, the position of price action above all the MA lines still gives hope to bullish sentiment in this market, suggesting that price action may continue northwards.
Dogecoin (DOGE) Price Prediction: DOGE/USDT Defends the $0.4500 (4-Hour Chart)
In the 4-hour market, it is evident that market participants are staying bullish. As a result, this has kept the price of Dogecoin above the technical support at the $0.4500 threshold level. Likewise, this seems approximately the same level as the 20-day MA line. Consequently, as mentioned above, this suggests that the uptrend in this market stays intact. However, on the contrary, the lines of the indicator continue to descend sharply into the oversold region.
Considering the most indications on the price chart, it seems quite possible that the market will continue upwards. The minimal upside rebound off the 20-day MA line has sufficiently supported this opinion. Also, indirectly, the hypersensitivity of the RSI curves indicates that downward forces are weak. Therefore, traders can aim at the $0.5000 mark as a target.
