Dogecoin (Doge) Price Predicted To Correct 5% In Q4 2024?

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.

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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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