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CDS Crypto News Dogecoin Price Plummets from $0.115 to $0.098, Marking a 14.6% Decline: A Bearish Reversal within a Falling Wedge Pattern

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Dogecoin Price Plummets from $0.115 to $0.098, Marking a 14.6% Decline: A Bearish Reversal within a Falling Wedge Pattern

Dogecoin price has fallen 14.6% from $0.115 to $0.098 within two weeks, signaling a bearish reversal within a falling wedge pattern. A break below the $0.091 support could trigger further declines, but key on-chain metrics suggest potential accumulation and a possible bullish breakout to $0.15.

Zeynep Öztürk04/09/20242 Mins read56

Dogecoin Price Plummets from $0.115 to $0.098, Marking a 14.6% Decline

Over the past two weeks, Dogecoin price tumbled from $0.115 to $0.098, representing a 14.6% loss. This downturn, occurring within the framework of a falling wedge pattern, underscores the ongoing bearish sentiment among traders, who continue to sell into price rallies. Should the broader crypto market face a deeper correction in September, DOGE could slip below the critical $0.091 support level, further bolstering the sellers’ grip on the market. The question now is whether buyers will step in to challenge this downtrend.

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Dogecoin Price Faces Prolonged Decline Amid Falling Wedge Structure

For over a month, Dogecoin has been trading between $0.115 and $0.093, showing a lack of decisive action from both buyers and sellers on shorter timeframes. However, a closer look at the broader price action reveals the presence of a falling wedge pattern. Under the influence of this structure, DOGE has steadily declined from $0.228 to $0.097 over the past five months, equating to a 57% loss in value. During this period, Dogecoin’s market cap has also shrunk, falling from $14.2 billion.

With Bitcoin struggling to sustain a price above $60,000, bearish momentum in the altcoin market continues to gain strength. If Dogecoin breaks below the $0.091 support level, selling pressure could intensify, potentially pushing the price down by an additional 11.6% to $0.08.

Dogecoin Price Plummets from $0.115 to $0.098, Marking a 14.6% Decline: A Bearish Reversal within a Falling Wedge Pattern

Despite this negative outlook, on-chain metrics offer some glimmers of hope for bullish traders. According to data from Santiment, the 30-day Market Value to Realized Value (MVRV) Ratio has dropped to -3.59%. This indicates that short-term holders are currently facing losses, which could lead to panic selling. However, such conditions often attract large market players looking to accumulate assets at discounted prices, possibly igniting a reversal.

Additionally, the In/Out of the Money Around Price (IOMAP) metric suggests limited resistance for Dogecoin until it reaches the $0.11 level. Around 1.74 million addresses are holding a combined 17 billion DOGE, creating minimal supply pressure up to this price point.

If bullish momentum gains traction, Dogecoin could see a 6-8% rise, targeting the overhead trendline at $0.105. A successful breakout above this wedge resistance could accelerate gains, potentially driving the price toward $0.15 within the next 2-3 weeks.