Dogecoin (DOGE) has gone down by 3.5% in the past 24 hours and currently sits at $0.1885 as cryptos have continued to cool off amid rising tensions between the United States and China.
Other meme coins have also dropped sharply in the past 24 hours including Pepe (PEPE) and Bonk (BONK), whose price has gone down by more than 6% while more exotic tokens like Fartcoin (FARTCOIN) have experienced stronger retreats of 15.4%.
A crypto trader who shares his analysis via a YouTube channel called “VisionPulsed” recently published a video where he warned that Dogecoin has a limited window to move higher or, otherwise, it risks a big drop.
He focused on two technical indicators – the Bollinger Bands Width Percentile and the Hash Ribbon. The behavior of these two technical indicators supports a bullish Dogecoin price forecast.
However, the trader emphasized that the price has not performed as expected after these two indicators sent a buy signal.
If Dogecoin (DOGE) fails to rally in the next couple of weeks, the host of VisionPulsed emphasized that this could anticipate a six-month losing streak for the top meme coin.
Dogecoin Price Prediction: DOGE Retests Key Support After Failing to Climb Above $0.255
A closer look at the daily chart confirms VisionPulsed’s concerns as Dogecoin (DOGE) has tagged a key area of support that risks a change of character.
Change of character refers to a trend reversal. The price has been on an uptrend since early April, making higher highs along the way. Now, the last leg up failed to climb above the $0.2550 level and went on to retest the previous high to find liquidity to keep the rally going.
If the price drops below this level, it would mean that bears are in control of the price action. This favors a bearish Dogecoin price prediction and could result in a drop to the $0.1350 level in the near term.
The Relative Strength Index (RSI) has been on a downtrend recently as well and currently sits at 38 – below the 50 level and on a downtrend.
A retest of the $0.1850 area from below would confirm this bearish outlook if the price action fails to recapture that level after a bearish breakout.
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The post Is Dogecoin Running Out of Time? DOGE Price Prediction Warns of 6 Red Months appeared first on Cryptonews.
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