Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Dogecoin Under Pressure And ‘Going To Zero’, Analyst Says – Here’s Why

Source Newsbtc

The beloved Dogecoin, the Shiba Inu-faced cryptocurrency that started as a joke, is facing a ruff time. A recent $16 million sell-off by a large holder, likely a “whale” investor, has sent shockwaves through the DOGE community, raising questions about the meme coin’s long-term viability.

Mags Charts A Worrying Course

Crypto analyst Mags has emerged as the harbinger of doom for DOGE. Using a self-developed charting method, Mags identifies distinct phases in Dogecoin’s historical price movements. Phase 3, according to Mags, paints a particularly bleak picture, suggesting a potential plummet to zero.

Bluntly, the analyst says the meme coin is “bearish” and is about to become worthless.

$DOGE is bearish and is going to zero.

don’t belive me? see for yourself pic.twitter.com/p4jYYDlbLZ

— Mags (@thescalpingpro) June 12, 2024

This prediction hinges on the cyclical nature of DOGE, where brief price surges are followed by extended periods of decline. While a temporary spike to $1.70 is possible in Phase 3, Mags warns investors to be wary of such fleeting optimism.

Technical Indicators Flash Red

Despite a recent 4% price increase, technical indicators paint a concerning picture. The Relative Strength Index (RSI) sits squarely in neutral territory, neither overbought nor oversold, reflecting investor indecision. More importantly, DOGE is currently trading below its key moving averages, with the 200-day EMA acting as the last line of defense at $0.123. A breach of this support level could trigger a domino effect, sending DOGE tumbling further towards the $0.07 mark.

Can Dogecoin Defy The Odds?

While Mags’ analysis and technical indicators cast a long shadow, there’s still a glimmer of hope for the meme coin. The recent uptick in trading volume suggests heightened activity, potentially indicating a buying spree by loyal DOGE holders. Additionally, overcoming the first resistance level of $0.14 could signal a potential turnaround. However, this optimistic scenario hinges on defying historical trends and requires a significant shift in market sentiment.

The future of Dogecoin remains shrouded in uncertainty. Elon Musk, the self-proclaimed “Dogefather” and a major influencer of the meme coin’s price, has been relatively quiet recently. Without his usual bullish tweets, DOGE lacks a strong catalyst for a sustained push upwards.

Related Reading: Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale?

Dogecoin Price Forecast

Meanwhile, based on technical analysis by CoinCodex, the price of Dogecoin is predicted to decrease by 13%, reaching $0.12by July 13, 2024. The current sentiment is Bearish, suggesting a prevailing expectation of downward price movement. Despite this, the Fear & Greed Index stands at 70, indicating a high level of Greed among investors.

Over the past 30 days, Dogecoin has experienced 14 out of 30 green days, equating to a 47% success rate in positive price movements. The observed price volatility during this period is 5.10%, indicating significant fluctuations in its market price.

This heightened volatility, combined with the bearish sentiment, suggests that Dogecoin may encounter further price declines, although investor optimism as indicated by the Fear & Greed Index could introduce short-term price rallies.

Featured image from CSF Hungary, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Why a Quiet 2025 Signals a Massive 2026 Crypto Bull Run: Bitwise CIO Explains Bitwise's Matt Hougan Predicts a Crypto Boom in 2026 Amid Current Market Struggles

Author Mitrade

Nov 13, Thu

Bitwise's Matt Hougan Predicts a Crypto Boom in 2026 Amid Current Market Struggles

Ethereum slides 5% as bears lean on $3,500 cap and put $3,150 support in focus Ethereum (ETH) drops more than 5% after a failed push above $3,550, with price sliding to $3,153 and now holding below $3,350, the 100-hour SMA and a bearish trend line at $3,500; unless bulls reclaim the $3,350–$3,500 zone, the short-term bias stays bearish and a clean break under $3,150 could expose $3,050, $3,000 and even the $2,880–$2,850 support area.

Author Mitrade

Nov 14, Fri

Ethereum (ETH) drops more than 5% after a failed push above $3,550, with price sliding to $3,153 and now holding below $3,350, the 100-hour SMA and a bearish trend line at $3,500; unless bulls reclaim the $3,350–$3,500 zone, the short-term bias stays bearish and a clean break under $3,150 could expose $3,050, $3,000 and even the $2,880–$2,850 support area.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP flash deeper downside risks as market selloff intensifies Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in red on Friday after correcting more than 5%, 10% and 2%, respectively, so far this week.

Author FXStreet

Nov 14, Fri

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in red on Friday after correcting more than 5%, 10% and 2%, respectively, so far this week.

Bitcoin slides deeper into red as bears lean on $96,600 wall and eye $90,000 Bitcoin extends its decline after failing to reclaim $96,500, trading below $95,000, the 100-hour SMA and a bearish trend line near $96,600; unless bulls can force a decisive close back above $96,600–$97,200, the short-term path of least resistance stays lower, with $92,500, $90,000 and the main $88,500 support zone in focus.

Author Mitrade

4 hours ago

Bitcoin extends its decline after failing to reclaim $96,500, trading below $95,000, the 100-hour SMA and a bearish trend line near $96,600; unless bulls can force a decisive close back above $96,600–$97,200, the short-term path of least resistance stays lower, with $92,500, $90,000 and the main $88,500 support zone in focus.

Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

Author Mitrade

5 hours ago

Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

Popular Symbols