The cryptocurrency market has been reeling from a broader sell-off, and Dogecoin has not been spared, with its value lately dropping to a three-month low of $0.20. Whereas there was a slight restoration, considerations stay that the decline will not be over but. In response to a crypto analyst often called David_Perk on TradingView, Dogecoin continues to be in a robust downtrend, with indicators pointing towards additional losses that might see the meme coin crashing to $0.15.
Dogecoin’s Worth Weak point And The Dangers Of Additional Decline
Dogecoin’s current value crash was a really daunting transfer for bullish buyers. Nevertheless, the crash led to a rebound on the $0.2 degree, and now appears to be stabilizing at this assist degree. Whereas this can be a short-term slowdown within the crash, technical evaluation reveals there’s nonetheless a threat of extra draw back strikes.
Crypto analyst David_Perk, who shared his outlook on TradingView utilizing the 12-hour Dogecoin candlestick chart, maintains that the meme coin stays in a agency downtrend. In response to the evaluation, there are not any clear indicators of a bullish reversal at this stage, with value motion persevering with to mirror promoting strain.
David_Perk’s evaluation means that DOGE is at the moment positioned inside a robust descending channel and is approaching a vital each day trendline. Notably, this descending channel has been in formation because the starting of this yr.
The lack of a number of assist ranges additional strengthens the argument that Dogecoin may very well be headed for an additional leg downward. Fibonacci retracement ranges and historic value information reinforce this bearish outlook, with the analyst predicting a minimal 30% drop from the present ranges.
Is A Additional Crash To $0.15 Actually Coming?
In response to the analyst, Dogecoin may proceed declining till it bottoms out at $0.15, primarily based on historic information and Fibonnacci ranges. Notably, the current dip has erased a big portion of the features Dogecoin holders had collected since October 2024, and if the decline extends to $0.15, it will mark a near-total retracement of the rally that started late final yr. Significantly, such a transfer would mark a 68% loss from Dogecoin’s current multi-year excessive in December final yr.
On the time of writing, Dogecoin is buying and selling at $0.21, up by about 4.5% previously 24 hours, however nonetheless down 16.5% in a seven-day timeframe. The one means to keep away from such a dip to $0.15 is that if DOGE bulls can keep a foothold above the assist at $0.20 and break above $0.25. Failure to interrupt above $0.25 would maintain Dogecoin trapped in its descending channel. The following factor on this case can be the creation of a decrease low, which might finally translate to a crash beneath $0.20.
Luckily, on-chain information reveals that long-term DOGE holding addresses are nonetheless in “Denail,” which continues to be a constructive sign.
Featured picture from Medium, chart from Tradingview.com
