Dogecoin Price Forecast: Potential 12% Drop Due to Increased Supply Pressure

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Last Updated on September 17, 2023 by Bitfinsider

On September 10th, the price of DOGE took a dramatic decline and broke through a key support trendline. This coin’s recovery phase was historically supported by this rising trendline, therefore its breach represents a serious indication of a possible continuation of the decline. But it appears that recent purchasing pressure in the overall market has thrown off this trajectory, as DOGE reversed sideways, cancelling out its previous fall.

The market as a whole is feeling positive, and the newly established support at $0.06 has helped to fuel a slight 5% recovery over the last week. Remarkably, this reversal has neutralised the negative consequences of the September 10th decline, emphasising the weakening of the negative trend.

The price of Dogecoin is predicted to face a downward-sloping resistance line if the present upswing continues, rising an additional 3% from current levels of $0.062. This trendline is significant because it has already stopped the meme coin’s bullish attempts three times.

We may see more selling pressure on the memecoin price if the bear is able to take control of the overhead trendline, particularly near the $0.064 price level. In those conditions, an 11–12% drop in price is possible, which would push coin values into the $0.057 range.

How to buy or trade DOGE on ProEX

You can buy or trade DOGE on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.

On ProEX, you can trade DOGE as a spot pair (DOGE/USDT) in 3 simple steps:

  1. Sign up and register an account on ProEX 
  2. Buy USDT via ProEX One-click Buy 
  3. Trade DOGE/USDT at ProEX Spot

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.