The analyst has revealed that Dogecoin is currently in a support phase, and its next price movements could determine the direction of its future value. While the TradingView crypto expert shares his bullish and bearish price forecast for Dogecoin, his detailed video chart shows Dogecoin’s price movements from 2020 to 2024, highlighting key peaks and troughs that indicate past volatility.
The chart also pinpoints key support and resistance zones using Fibonacci extension and retracement levels to predict the meme coin’s next price level. What’s Driving Dogecoin’s Current Trend? The Dogecoin price is currently experiencing severe downside momentum despite multiple bullish forecasts suggesting an imminent rally.
The major factors driving Dogecoin’s bullish sentiment in the crypto market are the recent inauguration of Donald Trump as the new President of the United States (US) and the influence of SpaceX and Tesla CEO Elon Musk, who has established the new Department of Government Efficiency (D.O.G.E) unit. Related Reading: Can The Dogecoin Price Rally For 3 Months Straight? 2021 Bull Market Performance Says Yes Despite expectations of a bull run, Dogecoin has declined by 9.64% in one day to trade at $0.34, according to CoinMarketCap.
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