- The Dogecoin Price Continues To Look Bearish With A Strong Descent From Tuesday’s crash
- DOGE has lost around 20% from its high of $0.32 registered on 6 September
- Crypto market currently in a state of flux with another big move either way expected.
The Dogecoin price has suffered a considerable decline from Tuesday’s flash crash with the dog themed cryptocurrency dropping by around 20% from its bi-monthly high. Unlike other coins that have shown some sort of recovery, DOGE has continued descending with investors appearing spooked by the El Salvador conundrum.
The general short-term outlook for the Dogecoin appears bearish for the time being although there are green shoots of a recovery on the horizon. One has to remember that DOGE almost doubled in price since its July 20 swing low of $0.168 although it is currently only 50% above that level after Tuesday’s price crash. At present, the Dogecoin price continues trading between the $0.26 and $0.24 range with the possibility of further downside.
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Short Term Prediction For Dogecoin Price: More Downside Expected Before A Revival
The Dogecoin price is expected to continue descending slightly before it finds a bottom from which to bounce back. Whilst more FUD and uncertainty continue to dominate the crypto market, it seems that wily investors are waiting in the wings in the hope of grabbing some bargains.
If a bullish scenario were to suddenly take control of the market, we can expect the Dogecoin price to rise and regain the $0.30 mark. If that resistance level is broken, then a further rise to the $40 mark may not be amiss.
If a bearish thesis were to be applied (as is more likely), the Dogecoin price would probably drop to the $0.18 level where it should find support for a bounce back. However, if a further sell off occurs the next support level is at the$0.125 mark which would indicate a complete crash and levels last seen in February.
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Long Term Price Prediction For Doge: Still Bullish Although Possible Retracements On The Way
Although the latest crash has dented hopes of continued ascendancy for the Dogecoin price, bullish hopes still remain. The April All Time High of $0.65 could once again be revisited by the end of October is a bull run is embarked upon.
However, the continued instability in the markets could lead to further flash crashes on the way. Overall though, the long term expectation for the Dogecoin price remains a bullish one.
Where to Buy Dogecoin
If you want to purchase DOGE, you can do so on the following exchanges:
• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy Dogecoin is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.
Looking to buy or trade Dogecoin now? Invest at eToro!
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Gerald Fenech
