- DOGE price might fail to escape a 14% drop as downtrends dominates the token.
- The meme coin tests its final defense line at $0.120 before plummeting towards $0.104.
- Dogecoin had to rise past $0.156 to cancel the bearish formation.
Dogecoin (DOGE) price prepares for further downswings as the prevailing chart setup show upcoming downtrends for the original canine-themed crypto. Dogecoin might hit the governing technical pattern’s lower boundary as it looks for reliable support.
DOGE Price Locked in Downswing
DOGE price saw dominant downswings as the alt remains sealed inside a descending channel on its 12hr chart, showing that momentum switched to the downside. The crypto might soon touch the prevailing chart setup’s bottom boundary at $0.104. Dogecoin slicing beneath the 78.6% FIB retracement zone at $0.120 will reveal 14% drops. Moreover, the crypto might extend its downswings.
An additional surge in sell orders might push DOGE price further to the 13 April peak at $0.096 before exploring the 11 April high at around $0.080. Nevertheless, bulls reversing the underperformance session could see Dogecoin targeting the governing technical patter’s middle boundary at $0.131. The level coincides with 21 12Hr Simple Moving Average and 61.8% FIB retracement area.
Magnified bearish sentiment can incentivize DOGE price to touch the Momentum Reversal Indicator’s resistance at $0.141, matching the 50 12Hr Simple Moving Average. Meanwhile, surged buy orders will have DOGE aiming the 100 12Hr Simple Moving Average near $0.147 before trying to hit the descending parallel channel’s topside boundary at $0.156.
An uptick past the prevailing chart’s top trend-line will invalidate the downside trends.
Dogecoin’s bearish trends emerge amid uncertainty within the overall crypto market. Escalated war tension between Russia and Ukraine had the market falling once more on Monday. Russia approaches Ukraine’s capital Kyiv. Moreover, sanctions from Western nations had Vladimir Putin targeting nuclear actions.
Excluding dollar-tied USDC, top digital coins traded lower. The downswings in crypto prices saw the global crypto market cap losing 2% within the past 24hrs, standing around $1.71 trillion. Contrarily, crypto trading volume increased by 19% to $80.87 billion.
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