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Dogecoin Price Analysis: Is DOGE Price in the run to nosedive to $0.16?

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  • DOGE Price staged a recovery of an overall 45% from the July low of $0.16
  • The press time price of DOGE/USDT is $0.20 established on the back of a 1.2% increase in the past 24 hours
  • Presently crumbled by the hovering 20 EMA, bears might kick DOGE price to $0.16 level 

Doge Price demands a positive catalyst to scare the bears 

DOGE/USDT on TradingView

As it turns out, Dogefather’s significant efforts to make DOGE a viable crypto asset by presenting a fee-reduction proposal have had little to no effect on the current price trend of the crypto asset. More importantly, Dogecoin has failed to be a part of the altcoin surge as evidenced by the 13% fall, since the swing high of $0.23. 

The fact that the macro price action is enclosed inside the descending triangle pattern highlights the possibility of a sharp turn towards $0.16. A rejection from the resistance of $0.23 has validated DOGE Price to capture a sluggish momentum. 

The Kickstarter of August attempted the price to bounce off the $0.19 ceased to be nothing more than the Dead Cat bounce. The 9% decline arrived at the cost of losing the support of the 20 EMA, which is now invalidating the efforts of the bulls. 

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Even though the current price trend of Dogecoin is sustaining above the horizontal support line of $0.19, the lack of buying pressure is enough to portray the possibility of another 19% decline. The daily volume is on a losing streak for over a week now, thus projecting indecisiveness and the possibility of a big move incoming. 

A decisive close below the support of $0.19 will add credence to the bearish outcome. As suggested by the bearish divergence on the Daily RSI, the DOGE price is doomed to challenge its July lows by re-inspecting the $0.16 support cushion. 

With the current trend of Dogecoin failing to establish a fruitful recovery, the reclamation of the 20 EMA support cushion marks as the first step towards an upward trajectory. However, that seems like an extremely rare outcome since the market has failed to draw any positive conviction. 

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On the off chance that the DOGE Price continues to maintain its lethargic momentum over the support of $0.19, a breakout from the last leg of the descending trend line will prove to be a game-changer. 

Are Reddit investors losing interest in Dogecoin? 

Dogecoin, which had once established the ground as a community-driven price rally by Reddit investors, has lost its charm. In addition to Elon Musk’s constant interference, the crypto asset witnessed exponential gains owing to the Reddit-driven hype. However, recent events have highlighted that the birth of new coins has contributed to the Reddit hype slowly dying. 

Over the past month, a Reddit-based cryptocurrency that goes by the name r/Cryptocurrencymoons (xMOON) has outpaced Dogecoin gains. The news announcement of a new scalable network by project developers in the hopes of faster and efficient transactions is the prime reason behind the xMOON outstripping Dogecoin. 

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While Dogecoin’s price is at a low of an overall 72% since its ATH, xMOON price climbed from a low of $0.06 to $0.43. These numbers are enough to conclude that the Reddit Community is now less committed to Dogecoin. 

Regardless of the fact that Dogecoin is paving its way into mass adoption, the price has rendered negative returns since the past month. The most recent news announcement of Burger King Brazil accepting Dogecoin as payment for Dog treats has failed to invite buying pressure. 

SUPPORT : $0.16

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RESISTANCE: $0.23

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Dogecoin Adoption in the US Supercedes Bitcoin and Ethereum, According to New Crypto Survey

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The adoption rate of Dogecoin (DOGE) in the US is nearly double that of the rest of the world, according to a new survey from the Australian publication Finder.

The survey polled 41,645 individuals in 22 countries and found that nearly a third of all cryptocurrency holders in the US own Dogecoin.

“Of those that own crypto, Dogecoin sees its highest adoption in the United States with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%.”

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The Finder survey says that Cardano (ADA) enjoys the highest popularity in Australia, where more than a quarter of the country’s adult crypto holders own ADA.

“Cardano sees its peak in adoption in Australia, where 26.3% of the online population who own crypto say they have Cardano, which is 1.4 times the global average adoption rate of 18.5%.”

Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) enjoy the highest adoption rates in Asia.

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More than three-quarters of Japanese crypto holders own BTC, while over half of Singaporean crypto holders possess ETH. Slightly more than a quarter of Indonesian crypto holders have BNB.

“Bitcoin has the highest adoption in Japan with 76.7% of adults who own crypto saying they own Bitcoin. This is 1.3 times the global average adoption rate of 58.9%.

Ethereum sees its highest adoption with crypto owners in Singapore with 52.4% of adults who own crypto saying they own Ethereum. This is 1.9 times the global average adoption rate of 27.4%.

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Binance Coin sees its highest adoption among those who own crypto in Indonesia, with 26.9% of respondents who own crypto saying they own Binance Coin. This is 1.8 times the global average adoption rate of 15%.”

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Dogecoin Price Struggling Near Vital DMA Lines, With Average Volume Activity.

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  • Dogecoin price is currently trading near its major moving averages of 20, 50, 100, and 200-day lines, with slightly lower volume activity. 
  • The digital asset is presently trying to suppress its vital DMA lines and holding its 100 and 200-day lines. 
  • The pair of DOGE/BTC is trading at 0.000003868 BTC with an intraday gain of +1.02%, and the ratio of DOGE/ETH is CMP at 0.0000595 ETH with a 24-hour change of -5.98%.
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Dogecoin price over the monthly chart is trying to sustain above its all vital moving averages of 20, 50, 100, and 200-day lines. Meanwhile, volume activity over the chart is slightly lower and needs to grow strongly. Similarly, the sustainability above its vital DMA lines with supportive volume activity will boost more upside in upcoming trading sessions.

Once the crypto asset jumps above its vital DMA lines, supportive volume activity will create the next lap of bullish move till $0.32 to $0.36. Support on the lower side is $0.2250 and $0.1945, whereas resistance on the higher side is $0.2720 and $0.3260. 

Dogecoin price is trading under the bullish chart pattern while creating higher highs and lows

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Dogecoin price at the weekly chart is trading under the bullish chart pattern while creating higher highs and lows. Meanwhile, the technical parameters are slightly neutral, with a slight recovery from lower levels. Volume over the chart slightly increases and needs more growth for a continuation of the pattern. DOGE price is trading at $0.2573 with an intraday gain of +2.34%, and the volume to market cap ratio is 0.06616.  

Relative Strength Index (BULLISH): Dogecoin price RSI is heading towards the overbought zone after a good recovery from the lower levels. In contrast, the coin trades on a higher note and projects slight caution with longs and RSI at 56. 

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Dogecoin Forecast and DOGE/USD Analysis October 21, 2021

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DOGE/USD are traded at 0.2554 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2425 area. Where can we expect a rebound again and a continuation of the rise in the Dogecoin rate with a potential target above the level of 0.3155.

Dogecoin Forecast and DOGE/USD Analysis October 21, 2021

In favor of the growth of the DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 0.2175 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1845. With the breakdown of the resistance area and closing of quotations above the level of 0.2845, we should expect confirmation of the development of a bullish trend in Dogecoin.

Dogecoin Forecast and DOGE/USD Analysis October 21, 2021

Dogecoin Forecast and DOGE/USD Analysis October 21, 2021 therefore imply an attempt to correct and test the support area near the 0.2425 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3155. An additional signal in favor of raising Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2175 area. This will indicate a continued decline in cryptocurrency with a target below the level of 0.1845.

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