By Franklin Smith
- Dogecoin price might suffer a 34% decline as selling momentum continues to surge.
- Losing the barrier of $0.138 might see the meme coin hitting the bearish target of $0.091.
- Bulls will encounter many resistances whenever buyers plan to reverse the underperformance period.
Dogecoin might be prepared for more drops as sellers plan to dominate. The canine crypto displayed a consolidation formation and predicted a 34% decline toward the value area of $0.91. However, the bearish move will appear if DOGE slices beneath a crucial support floor.
DOGE Bears Ready for $0.091 Lows
Dogecoin created a symmetrical triangle setup on its 12hr chart as the alt complicate predictions. For now, the alt nears the governing technical pattern’s lower border with increasing selling strength.
The TRIN, which determines the overall market trend, indicated that sellers exceed buyers in the marketplace. Dogecoin dropping beneath the prevailing chart formation’s lower border at $0.138 will open the path towards the bearish target of $0.091.
The initial support floor might appear around the 78.6% FIB retracement mark of $0.133. Another defense line can showcase near the 21 January lows of $0.119. Meanwhile, continued drops by DOGE might trigger falls toward the 13 April peaks near $0.096 before the alt declines to the pessimistic aim of $0.091.
If bulls decide to join the market, the meme coin will encounter the nearest resistance around the 61.8% FIB retracement area at $0.141, matching the 21 12hr Simple Moving Average. Additional obstacles will appear at the 100 12hr Simple Moving Average at $0.151, the level intersecting with the 50% retracement zone.
The hurdle near the 38.2% FIB retracement near $0.159 may also confront Dogecoin’s price. Remember, the value area also houses the prevailing chart formation’s topside boundary. Meanwhile, slicing past the governing technical pattern’s upper trend-line might lead to higher upward potentials for the meme asset, eyeing the 200 12hr Simple Moving Average at $0.173.
The downside trends within the crypto spectrum add more pressure on DOGE price actions. The bearish narrative needs a shift for Dogecoin to avoid further plunges. Nevertheless, bulls should prepare for plenty of hurdles.
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