Dogecoin (Doge) Price Predicted To Correct 5% In Q4 2024?
2024-10-22
Bittime - Dogecoin (DOGE) Price Prediction to Correct 5% in Q4 2024? Dogecoin (DOGE) has been on the radar of crypto investors throughout 2024, especially after hitting an annual high of $0.22 (Rp3,432) in March.
However, recent price movements have shown signs of a significant correction.
DOGE's technical analysis indicates a potential 5% correction in the fourth quarter (Q4) of 2024, with several key levels that traders and investors should watch out for.
The following is an analysis from Nikola Lazic, a crypto analyst.
Dogecoin Price Analysis in Q4 2024
In March 2024, DOGE reached an annual price peak of $0.22 (Rp3,432), completing a five-wave pattern that started in October 2023.
However, after reaching this high, DOGE entered a correction phase by forming a descending triangle pattern.
This correction brought DOGE down to an important support level of $0.09 (Rp1,404), which is in line with the 0.768 Fibonacci level.
DOGE experienced a bounce from this support level, but on September 14, the price experienced another rejection after touching the descending resistance.
Nonetheless, DOGE formed a higher low during the decline, indicating a potential recovery.
On September 16, DOGE started a new upward movement that managed to break the resistance and reached a high of $0.13 (US$2,028) on September 28.
Unfortunately, this rise was only temporary, as DOGE experienced a sharp decline of 24%, which canceled out the previous gains and turned the bullish outlook into a bearish one.
Credit: Nikola Lazic
Technical Indicators: Overbought Conditions
Technical analysis of the daily chart shows that DOGE has entered an overbought zone based on the Relative Strength Index (RSI) indicator. This condition is often followed by a price correction.
With the price approaching major resistance and within an upward channel, it is likely that DOGE will experience a decline in the near future.
Dogecoin Price Prediction in Q4 2024
Based on the current technical analysis, a price correction is expected to take DOGE down to $0.11 (Rp1,716), which is the 0.5 Fibonacci level. This level serves as a key support in a moderate correction scenario.
However, there is a possibility that this correction could be deeper if the downward momentum gets stronger.
On the other hand, if DOGE manages to maintain support at $0.11 (Rp1,716), market could see a significant price bounce before the end of Q4 2024.
This support level provides an opportunity for investors looking to accumulate at lower prices.
Conclusion
With technical indications of an overbought condition and a potential price drop of up to 5%, Dogecoin investors need to be cautious in making decisions in Q4 2024.
This correction may open up opportunities for accumulation, but it is important to keep a close eye on price movements and the key support level at $0.11 (IDR1,716) as an important benchmark.
Reference:
https://www.ccn.com/analysis/crypto/doge-price-rallies-oct-overbought-resistance/
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