Dogecoin (DOGE) Price Prediction for December 15
Dogecoin (DOGE), the favored and largest crypto meme coin by market capitalization is poised for a worth decline as sentiment begins to shift. For the previous few days, the general cryptocurrency market has been fairly complicated, elevating considerations about whether or not the value will rally or decline.
Nevertheless, at this second it’s unpredictable for forecasting worth, though the DOGE each day chart has shaped a bearish worth motion.
Dogecoin (DOGE) Technical Evaluation and Upcoming Stage
In accordance with CoinPedia’s technical evaluation, DOGE is presently at an important help degree of $0.383, after breaking out from an ascending triangle worth motion sample. With the current ups and downs, together with important volatility, DOGE has efficiently retested the breakdown degree and is presently receiving help.
Based mostly on the current worth motion and historic momentum, if DOGE fails to carry this help degree and closes a each day candle under the $0.38 degree, there’s a sturdy chance it might decline by 15% to succeed in the $0.31 degree within the coming days.
Nevertheless, DOGE’s Relative Energy Index (RSI) presently stands at 50, which is way from the overbought area, indicating a possible worth reversal within the coming days.
83.68% DOGE Merchants Holds Lengthy Positions
Apart from the bearish technical evaluation, it seems that merchants are those preserving DOGE on the $0.383 help degree, as reported by the on-chain analytics agency Coinglass. Information from the Binance DOGEUSDT Lengthy/Quick ratio presently stands at 5.13, indicating sturdy bullish market sentiment amongst merchants.
Moreover, information reveals that presently, 83.68% of prime Binance merchants maintain lengthy positions, whereas 16.32% maintain brief positions.
When combining these on-chain metrics with the technical evaluation, it seems that bulls are presently making an attempt to maintain the value above the essential help degree and forestall additional worth decline.
DOGE Present Value Momentum
At press time, DOGE is buying and selling close to $0.39 and has skilled a worth decline of over 2.65% previously 24 hours. Throughout the identical interval, its buying and selling quantity dropped by 26%, indicating decrease participation from merchants and traders as sentiment turns bearish.
