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Two days ago, a crypto analyst accurately predicted a Dogecoin pricewhich has happened. According to the latest analyst predictions, Dogecoin is expecting a big drop, as a 30% crash is expected from its current trading price.
Analyst Predictions 30% Price Crash
The price of Dogecoin dropped to $0.35, marking a massive 14% drop in the past seven days. Earlier this month, Dogecoin was trading above $0.4 after experiencing a sharp rise driven by positive market sentiment. Donald Trump’s victory in the US Presidential election.
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TradingView’s crypto analyst, known as ‘MMBTrader’ who accurately predicted the recent Dogecoin price crash, has it now. updated his forecasts to further warn of possible declines. The analyst shared the chart, analyzing it Dogecoin price and possible future movements. Currently trading above $0.3, DOGE price is slowly approaching a critical resistancewhich is highlighted by the red zone at the $0.438 level.
The red arrow on the chart shows potential temporary fixesis set to cause the Dogecoin price to crash into the central support area near the $0.25 mark. This massive price drop will represent a 30% drop in the current price of Dogecoin. Additionally, the analyst suggests that this perceived price crash is a retracement, corresponding to 0.618, the Fibonacci level shown on the chart.
The analyst of TradingView also revealed that if the price of Dogecoin can establish a strong support at the level of $0.25, it can confirm a the bullish trend continues. Such developments could pave the way for a potential Dogecoin price rally in the near term.
Moving forward, green arrows to the analyst DOGE price chart represent a potential next-stage pump. The analyst predicted that a strong rebound from the support level of $ 0.25 could result in a new phase of Dogecoin. Additionally, he is setting a new bullish target for Dogecoin at $0.75, which is a big mark jump to new highs.
Overall, the TradingView analyst identified $0.45 as a level to watch out for. While a drop to $0.25 would mark a 30% crash for Dogecoin, a possible rise to $0.75 would represent a 115% price increase.
Dogecoin Price Breaks From $1 Seen
While Dogecoin is experiencing volatility and declineTrader Tardigrade, a prominent crypto analyst, expressed confidence about the meme coin’s possible upside. According to the analyst, Dogecoin is currently moving in the defined range between $0.33 and $0.49, highlighted by the purple rectangle on the price chart.
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Looking at the chart, this range represents a compilation time where the price of Dogecoin seems to fluctuate between resistance and support areas. The analyst indicated that a break above the upper boundary of the range may continue the Dogecoin rally to all time highs closed at 1.05 US dollar.
The featured image was created with Dall.E, a chart from Tradingview.com