As the sellers initiate a takeover, the Dogecoin Price Prediction 2022 shows that the coin might fall further. DOGE has shown a consolidation pattern and forecasted a 34% drop to $0.091 if the canine-themed token falls below a critical level of support.
Let’s Examine Dogecoin’s Technical Movement:
Dogecoin Price Prediction 2022
On the 12-hour chart, the price of Dogecoin has formed a symmetrical triangle pattern, as the token continues to confound forecasts. DOGE is now approaching the lower boundary of the governing technical pattern as selling pressure mounts.
According to the Arms Index (TRIN), which measures overall market sentiment, there are now more sellers than buyers in the market.
If the price of Dogecoin falls below the lower boundary of the current chart pattern at $0.138; a bearish target of $0.091 will be set.
The 78.6 percent Fibonacci retracement level at $0.133 could be the first area of support to appear. At the January 21 low of $0.119, an additional line of defence will appear.
If bearish sentiment persists, Dogecoin price may fall toward the April 13 high of $0.096 before falling toward the pessimistic target of $0.091.If the bulls decide to intervene, Dogecoin price will face immediate resistance at the 61.8 percent Fibonacci retracement level of $0.141; which also happens to coincide with the 21 twelve-hour SMA.
Additional headwinds may emerge at the 100-day simple moving average (SMA) at $0.151, which intersects with the 50% retracement level.
The 38.2 percent Fibonacci retracement level at $0.159, where the upper boundary of the prevailing chart pattern is also located; may also pose a challenge to Dogecoin price.
Slicing above the governing technical pattern’s topside trend line may release more upside potential for Dogecoin price; with the 200 twelve-hour SMA at $0.173 as the next target.
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