- DOGE rice has significant Fibonacci retracement levels at $0.02.
- Dogecoin price follows the techniques mentioned in the previous outlook.
- The invalidation of the bearish count is a breach above $0.125.
Dogecoin price from a macro perspective is still a favorable chart as the $1.00 targets are expected to be reached in the coming years. However, such a successful trajectory almost never comes without smart money involvement in the crypto space. Liquidity levels will likely be tested before the price of DOGE coins can reach higher targets.
The price of Dogecoin is on the verge of a catastrophic drop
Dogecoin price is showing several confluence signals pointing to a future decline. The historical parallel channel resides at the $0.02 area, which has yet to be breached. A Fibonacci retracement tool surrounding all-time lows to all-time highs has a 61.8% Fibonacci level at $0.01. Finally, the current sideways consolidation of $0.08 suggests another sharp decline is in store to balance out the overall declining pattern.
Dogecoin price is showing low volume as the price declines, which is bearish in the short term but a good signal for macro purposes. The lack of bullish implication means that investors are unwilling to do business at the current $0.08 levels. A reduced Dogecoin price could be the catalyst before the next bull run occurs. For this reason, investors should keep $0.01 as the likely outcome for Dogecoin price.
DOGE/USDT 2-day chart
The invalidation of the bearish thesis is a breach above $0.125. If the bulls break above this level, a rise to $0.16 could occur, leading to a 100% increase from the current Dogecoin price.