Dogecoin price prediction – Here’s how long the $0.12 support will hold on
Release: 2024/05/04 05:04 Reading: 928
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=389496
DOGE's Pullback Tests Crucial Support Level
After experiencing a 47% value decline, Dogecoin's [DOGE] price has reached a critical support level. The memecoin fell from its Q1 peak of $0.22, finding relief near the $0.12 support.
Since March, the $0.12 level has acted as a pivotal rebound point for bulls. Will it once again facilitate a bullish reversal?
Dogecoin Price Prediction: Can $0.12 Halt the Decline?
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Source: DOGE/USDT on TradingView
The daily chart suggests weak bullish reversal signals based on the RSI (Relative Strength Index) and Chaikin Money Flow (CMF). Notably, the CMF has remained above average since mid-February and was trending higher at press time. This indicates increased capital inflows into DOGE markets.
Additionally, the RSI has reversed from its lower end, signaling diminishing sell pressure. However, the price faces resistance at the descending channel's mid-level (white) and $0.15.
Bulls must push above $0.16 to gain market dominance and attempt to reverse the remaining losses. According to crypto-analyst Ali Martinez, DOGE's 47% pullback could potentially lead to a significant bull run based on historical price patterns.
However, a breach below the multi-month $0.12 support could complicate matters for DOGE bulls.
DOGE Volume Compresses as Sentiment Weakens
Despite the temporary defense of the $0.12 support, market sentiment towards the memecoin remains overwhelmingly negative. According to Santiment's data, DOGE's negative sentiment has persisted from April into May.
Moreover, DOGE's trading volume has remained compressed, contributing to the sell pressure observed in recent days.
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Source: Santiment
These bearish indicators are not limited to on-chain metrics. Futures market data reveals a weakening in DOGE markets as well.
Coinglass data shows that DOGE's OI (Open Interest) rates have been cut in half, dropping from over $1.8 billion in March to below $900 million in May. Open Interest measures the amount invested in the Futures market, which reflects market sentiment. The 50% decline highlights bearish sentiment in DOGE's derivatives market.
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Source: Coinglass
Given the overwhelmingly bearish readings from the on-chain and derivatives markets, DOGE's ability to sustain the $0.12 support is uncertain. Conversely, the defense of this support depends on Bitcoin [BTC] reversing its recent losses.
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Next: Bitcoin's Price Will Hold These Levels Until August – Arthur Hayes
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