The Future and Predictions of Dogecoin (DOGE) in the Current Bear Market

Bear markets have been exhausting cryptocurrency investors for nearly 2 years now, and it seems like they will never end. After struggling to surpass the $26,800 level and turning it into support, the price of BTC has once again dropped below it. The $28,300 resistance was challenging, and there are many things happening around the world that are negatively affecting risk markets. So, how is the meme coin king doing?

Dogecoin (DOGE)

DOGE price is currently finding buyers at $0.0577. The inflation data today was bad, and Fed members are saying that interest rates will be kept at their peak for a long time. So, Fed won’t allow cryptocurrencies to breathe until the first half of 2024. With Ukraine, Serbia, Syria, and the possibility of a conflict between Palestine and Israel, all short-term predictions and analyses seem to be futile.

On October 9th, the DOGE price lost its horizontal support level. The bulls, who had been holding $0.06 since June 10th, couldn’t resist the chaos any longer. Additionally, DOGE has been following a downward sloping resistance trendline for weeks. These two levels present us with a descending triangle formation that signals a bearish move.

The Future and Price Prediction of DOGE

Since August 17th, DOGE has been lingering at such low levels for the first time. It had dropped to $0.055 at that time as well. The RSI on the daily chart supports the bearish scenario. As we mentioned before, $0.055 and $0.05 have come into focus. The readings on the weekly chart are not different from what we have described.

If DOGE, which is trading within the descending triangle, experiences a clear breakdown, the price could drop to $0.02. This level, which we previously warned as the bottom area, has become a more likely option after recent developments.

So, is there anything good for DOGE? If we see a strong bounce from $0.057, it could rally up to $0.07. But is this possible while the Middle East conflict continues to pose a growth risk and BTC has lost its $26,800 support? Cryptocurrencies are full of surprises. However, it seems that what has happened in the past 2 years has also affected adrenaline junkie crypto millionaires who love surprises. SBF, Zhu, and most of the names triggering volatility are in prison.

The short-term outlook is negative, and it seems to continue like this until BTC makes a nice surprise.