Dogecoin price prediction shows risk of further decline – What now?
Release: 2024/07/09 05:04 Reading: 316
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=405336
Dogecoin Price Prediction: Bearish Market Structure and Liquidity Support
Dogecoin (DOGE) has been struggling to sustain upward momentum since its recent bounce from $0.0913. The higher timeframes indicate a bearish market structure, with liquidity below $0.1 likely to attract prices before a reversal.
From a technical analysis perspective, Dogecoin has fallen below its March lows, erasing gains made in the latter half of the month. The $0.0775-$0.082 range is the next potential demand zone. This area had supported prices for two months prior to the rally in February and March.
The daily Relative Strength Index (RSI) remains below 50, indicating a bearish trend. While the Chaikin Money Flow (CMF) is slightly positive at +0.03, it suggests capital inflow into the market. However, the strength of buyers remains insufficient to reverse recent losses.
The Dogecoin price prediction is bearish until prices can overcome $0.13 and establish support at that level.
Further indicators of a bearish outlook include:
- AMBCrypto's analysis of the liquidation heatmap shows significant liquidity in the $0.1-$0.112 range, which was recently wiped out.
- The $0.0745-$0.079 range is the next closest liquidity zone and could provide support.
If prices do not find support, they may continue to decline towards the $0.0775-$0.082 demand zone. Conversely, a bullish reversal could target $0.18 if the $0.0745-$0.079 range is breached.
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