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Dogecoin Price Registers Deviation From Macro Channel, Analyst Sets $6 Target
Despite recent weakness in buying pressure, Trader Tardigrade remains optimistic about Dogecoin’s long-term trajectory. The analyst has predicted a possible price surge towards $6, which relies heavily on the meme coin maintaining its macro structure without deviating and repeating previous 2017 growth.
As of writing, Dogecoin is trading at $0.1687 after falling below the crucial $0.17 support level in the past 24 hours. This loss has intensified bearish sentiment, increasing the likelihood of further downward movement in the short term. Technical indicators suggest that Dogecoin still has room to decline before finding solid footing, with $0.15 now being a key level to watch.
It is essential to observe the confluence of factors, including technical indicators such as the Relative Strength Index (RSI), to determine when DOGE may reach oversold levels and bottom out at $0.15.
DOGE trading at $0.17 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Source: https://bitcoinist.com/dogecoin-macro-channel-deviation/
