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- Dogecoin price is down 28% since December’s opening price.<\/strong><\/li>\n
- DOGE IS submerged under three key moving averages.<\/strong><\/li>\n
- Invalidation of the bearish thesis could arise from of the $0.08 resistance zone.<\/strong><\/li>\n<\/ul>\n
Dogecoin price is enduring pressure from an ongoing downtrend. If market conditions persist, DOGE could eliminate the yearly low established in the summer.<\/p>\n
Dogecoin price faces resistance<\/strong><\/h2>\n
Dogecoin price is at a 28% loss of market value for December, bringing the DOGE price to a total of 85% below the all-time high at $0.74. On December 24, the notorious meme coin continues\u00a0to trend over a descending parallel channel as it has for several weeks.<\/p>\n
Dogecoin price currently auctions at $0.072. The upper bounds of the parallel channel have acted as resistance on several occasions in December, with a 21% decline as the strongest move to date. The 50-day, 100-day and 2<\/p>\n
-00-day simple moving averages each hover above DOGE’s current trading range, giving a general bearish bias for the world’s favorite dog coin.<\/a><\/p>\n
The next collision with the descending parallel channel is likely<\/a> to occur within 24 hours. If the bears are successful again, DOGE could mimic the strength of the previous decline and descend by 20%. The Dogecoin price would fall into the $0.061 zone and potentially create a scenario to tag the 2021 low at $.057.<\/p>\n
![\"tm\/doge\/12\/24\/22\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/DOGEUSDT_2022-12-24_13-22-17-638075066518865654.png\")
<\/p>\nDOGEUSDT 1-Day Chart\u00a0<\/small><\/strong><\/p>\n
A second attempt to pierce the Sunday low at $0.069 could catalyze the next downtrend<\/a> rally. Invalidation of the bearish thesis could occur, but the bulls will need to reconquer the 50-day simple moving average at $0.08 to do so. If the bulls are successful, the DOGE price could rally towards the midpoint of December’s downtrend near $0.095, resulting in a 25% increase from the current Dogecoin price.<\/p>\n
\n - DOGE IS submerged under three key moving averages.<\/strong><\/li>\n