Dogecoin Price Prediction as DOGE Drops 3% – Dip-Buying Opportunity?
The Dogecoin price has dropped by more than 3% today, falling to $0.066361 on a day when the crypto market overall has barely moved in 24 hours.
Despite today’s loss, it has gained by 1% in a week and by 12% in a fortnight, although the original meme token is actually down by 57% in the last 12 months.
This drop comes as many major tokens (e.g. BTC, ETH, XRP, SOL) have posted good gains since the start of the year, with the Dogecoin price suffering from a long-term decline.
Yet if X (formerly Twitter) announces any news regarding plans to introduce payments, DOGE could recover strongly.
Dogecoin’s technical indicators reflect its weakened position, suggesting further falls to come in the next few days.
In particular, its relative strength index (purple) is falling steeply towards 50, having been above 70 only a week ago.
The RSI could fall all the way down to 30 or lower in the next week, while the coin’s 30-day average (yellow) looks like it’s about to flatten out and also go south.
Another negative sign is that the Dogecoin price has just fallen below its 200-day average (blue), another indicator of likely incoming losses.
It will therefore be interesting to see whether DOGE’s support level (green) can hold up against selling pressure, given how steeply the coin has fallen in the past couple of days.
While it’s unlikely that it will fall back down to the level it held in the first half of October (c. $0.0580), it could return to $0.060 before stabilizing again.
It’s also concerning that DOGE has fallen so hard at a time when the wider market has actually been doing pretty well.
For example, most major tokens have risen quite healthily in the face of recent positive Bitcoin ETF news, with Solana (SOL) up by 64% in the past
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