DOGE/USD quotes are traded at the level of 0.1795 and continue to move as part of the correction and the downward channel. Moving averages indicate a short-term bearish trend for Dogecoin. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the support level near the 0.1975 area. Where can we expect a rebound down again and the continuation of the fall in the Dogecoin rate with a potential target below the level of 0.1425.
Dogecoin Forecast December 8, 2021
A strong signal in favor of reducing the DOGE/USD quotes will be a rebound from the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the coin falling option will be a strong growth in the value of the asset and a breakdown of the 0.2265 area. This will indicate a breakdown of the resistance area and continued growth in the cryptocurrency rate with a potential target above the level of 0.2985. With the breakdown of the support area and closing of quotations below the level of 0.1545, we should expect confirmation of the development of a bearish trend for Dogecoin.
Dogecoin Forecast December 8, 2021 imply an attempt to correct and test the resistance area near the 0.1975 level. Where can we expect a rebound and the continuation of the fall in DOGE/USD to the area below the level of 0.1425. An additional signal in favor of a decline in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.2265 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.2985.