Dogecoin (DOGE) is at a crossroads as the meme-based token that entered a bearish trend on the weekly charts. In a recent X post, the analyst highlighted that DOGE has retraced below a previously flipped resistance zone, indicating potential bearishness.
However, the support level has broken, and investors are worried that Dogecoin may fall even lower. The next major support trendline is at $0.055 and $0.0628, which means there could be a 38% to 40% drop from the present price. This level could serve as the final barrier before DOGE experiences even more significant losses than it already has.
Dogecoin Fate Hinges On Market Shift
The current market sentiment will be the key to the next DOGE movement in the shorter term. Only a very powerful bullish reaction can be expected to stop the cryptocurrency from going lower. The current bearish trend could extend deeper and push Dogecoin to even more lows if the momentum does not change in the market.
Major support levels are at $0.104 and $0.118 have been revealed as the zones that may pose a problem to the price should it try to move up. At the same time, the support accumulation zone remains at $0.6243.
However, in the present day, it is possible to observe a certain revival in the development of DOGE, although still some optimism is offered to the medium and long term. Nevertheless, if the market situation changes for the better, DOGE could reach great heights, reaching the estimates of 5 to 10 times growth. But, this positive outlook will only apply if there is a reversal to the existing bearish market.
As for now, DOGE’s short term prospects are uncertain as the coin gets close to the vital support indicators. The market would need to turn decisively optimistic to be able to push up from this level and it is not optimistic at the moment. Speculators are focusing on the price performance expecting for an improvement and continue on its upward movement.
The future of DOGE remains uncertain because it has still failed to hold key support levels. The chance of a further drop has emerged, which means weeks ahead will decide the future of DOGE either a bounce back or a further drop.
