Dogecoin on the Brink? Analysts Warn of a Possible 59% Crash – Here’s What You Need to Know!

Jakarta, Pintu News – The Dogecoin price has recently shown considerable volatility, with analysts predicting a possible decline of up to 59%.

Based on the latest technical analysis, there are indications that the price of DOGE is heading for a major correction phase. Read more until the end!

Will Dogecoin Price Fall from the Long-Term Trendline?

Dogecoin’s price experienced a sharp decline after it broke below a parallel ascending channel that had held since 2018. This break marked a significant technical change, as the channel has guided price movements for years.

Read also: Dogecoin Dips 6% – Is This Just the Beginning of a Bigger Crash?

According to analysis from Ali Charts, the loss of support from this major trend line indicates that bearish pressure is getting stronger.

This drop also coincided with the rejection of the price at the 0.786 Fibonacci retracement level, which is around $0.16395. A technical analyst noted that a breach of this channel could pave the way for further declines.

“The next support level is at the 0.618 Fibonacci retracement area, which is around $0.06167,” he said.

In these uncertain market conditions, a major transaction added to the worries: a whale reportedly moved 300 million Dogecoin worth about $41.7 million to the Binance exchange.

This move led to additional speculation regarding the possibility of greater selling pressure.

Interestingly, the level also coincides with the previous price consolidation zone, making it an important point for traders to watch. However, if the selling pressure persists and the price continues to fall, then the possibility of a drop to $0.060 becomes more realistic.

If this support is unable to hold, the bearish trend is expected to continue, in line with the latest Dogecoin price prediction.

DOGE Price Bullish Divergence Shows Signs of Recovery

Despite Dogecoin’s recent decline, there are hopeful signals of a potential reversal.

According to Tardigrade Trader crypto analysts, Dogecoin’s daily chart shows a bullish divergence-a pattern where the price continues to fall, but the Relative Strength Index (RSI) actually starts to rise and prints higher lows.

This pattern is usually a sign that selling pressure is starting to weaken, opening up opportunities for price recovery.

Currently, the Dogecoin price is testing the $0.135 level, an important point that previously acted as a support and resistance area.

This level proved to be quite strong during the consolidation period in early 2023, and the latest drop to this point could mark the beginning of a reversal pattern.

Analysts emphasized the importance of this level. “$0.135 is a crucial point as it previously served as both support and resistance,” explained one analyst.

If the price is able to hold and bounce off this area, there is potential for a new bullish trend to start. In an optimistic scenario, the price of DOGE is even said to go up to $2.

Read also: Whiskey Meets Web3: Hedera’s Bold Move Could Transform a $90B Industry Forever!

However, if the $0.135 level cannot be maintained as support, then there is a risk of further decline. In extreme conditions, the Dogecoin price could drop to $0.12 or even touch $0.10.

Market Sentiment and Potential Continuation of Bearish Trend

Despite bullish divergence signals and opportunities for price recovery, general market sentiment is still cautious.

According to DOGE price predictions from the CoinGape page, the last three months of bias indicators show that currently the strength of bulls (buyers) and bears (sellers) is still balanced in influencing Dogecoin’s price movements.

The recent whale activity, coupled with the price drop from the long-standing uptrend channel, further reinforces the bearish view on Dogecoin.

In a post on the X platform, crypto analyst Kev Capital suggested that market participants watch whether the DOGE price is able to reclaim the $0.18 level.

If DOGE manages to break and hold above $0.18, it could be a sign of a “fakeout” or short-term recovery. In that scenario, the next resistance levels are at $0.25 and $0.30.

However, if DOGE fails to break the important boundaries at $0.18 and $0.20, it is likely that the price recovery will slow down or even stall.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Analyst Forecasts Over 59% Dogecoin Price Crash Coming Soon, Here’s Why. Accessed on April 9, 2025