Price Analysis

Dogecoin Price Analysis: A Drop To $0.11 Seems Inevitable

All cryptocurrency markets decided to become very bearish again ahead of the upcoming weekend. It is not entirely surprising but still somewhat disappointing. The Dogecoin price outlook looks very bearish, and a further drop below $0.12 remains one of the potential outcomes.

Dogecoin Price Begins To Dip

When Bitcoin and Ethereum go down together, it is a matter of time until other crypto markets follow suit. For Dogecoin price watchers, there is cautious optimism for DOGE/BTC, which gained over 2% today. However, the DOGE/USD value is in the red again and may continue its bearish trend for some time. Several TradingView analyses hint at a further bearish outlook for the world’s leading meme coin. 

While Dogecoin would traditionally shrug off momentum affecting Bitcoin and Ethereum, it has been unable to do so in recent weeks. Early 2022 has been very bearish for all crypto markets and shows no signs of relenting just yet. Even so, there is plenty of accumulation going on, hinting at a market reversal sooner or later. 

Bearish Pressure Remains

As outlined by Financebroker, now may be a good time to keep shorting DOGE or begin doing so. This meme coin is in an exciting position, although a further drop to $0.11 or perhaps even lower remains possible. As long as the Dogecoin price follows the rest of the markets, it will continue to face bearish pressure. Moreover, it makes a return to $0.14 or higher rather unlikely this weekend m although nothing is impossible these days. 

Moreover, the moving averages seem to hint at more downward market pressure for Dogecoin in the coming days. The support at $0.12 will likely come into play again soon, but it will likely fall apart unless the overall industry sentiment reverses suddenly. Of course, that will primarily hinge on how Bitcoin and Ethereum perform in the coming days. 

Dogecoin Price Dipping Below $0.1 Soon?

We can find an even more bearish prediction courtesy of NamchaTa. Per this user, the Dogecoin price will – most likely – continue to dip over the coming days. The first target of $0.122 will come into play fairly soon at this rate. Assuming it holds up, there is nothing to worry about. However, if t breaks, the next target may be as low as $0.1065.

Things can get even more bearish from there, with the Dogecoin price dropping as low as $0.0825. Although this is an incredibly problematic outlook, it is not as unfeasible as most may think. However, such a price collapse would indicate Bitcoin and Ethereum losing nearly 30% in value over the weekend. One can only hope that doesn’t happen. 

A Drop to $0.11 Seems Inevitable

There appears to be a general consensus of how the Dogecoin price will continue to drift lower Solldy predicts a bit of volatility for DOGE in the coming days, but an eventual decline to $0.1094. Moreover, the user argues how DOGE has already reversed and will likely go down further in a free fall for the foreseeable future. That would be rather interesting to behold, but not necessarily impossible.

Before the Dogecoin price goes that low, however, there may be an ongoing push toward $0.1351. Markets tend to be volatile over the weekend, yet positive momentum often doesń’t last too long. It will be an interesting weekend for all markets regardless.

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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