Although Dogecoin is a popular cryptocurrency among enthusiasts, experts warned about a possible crash. They emphasized that Dogecoin is hovering around a crucial support floor, and one wrong push could trigger a bearish market trend.
According to experts in FXS street, Dogecoin is on a make-or-break trade point. Its market value is trading near the $0.16 price, which is a vital support level to the market. It should be emphasized that the $0.16 support level already stopped four Dogecoin market crashes over the past eight months. This is why the current events can trigger a major change in DOGE markets for either direction.
Dogecoin Price Prediction: The Danger of Meme Coin
If Dogecoin drops below the $0.16 level, experts warned the event could trigger a 50 percent correction that would conclude with a trade value of $0.078. This is because of Dogecoin's 2021 volume profile, which showed a steep gap between $0.16 and $0.086. The point of control (POC) for Dogecoin is at $0.052.
Dogecoin Price Boost: Elon Musk Tweet
It is worth noting that Elon Musk recently announced that Dogecoin is now an accepted payment method for Tesla merchandise. The entrepreneur's support boosted the coin's market by 40 percent and created a market price of $0.18. The event briefly prevented market collapse, but it failed to sustain it long-term. DOGE regressed in value to $0.16 in these last few days.
Tesla will make some merch buyable with Doge & see how it goes
— Elon Musk (@elonmusk) December 14, 2021
Dogecoin Market Prediction: The DOGE Price
As previously indicated, Dogecoin is in a precarious state where its market value could end up tumbling down a bearish trend. However, experts also drafted an alternative outcome where DOGE could take advantage of its current trends to recreate its bullish markets.
If Dogecoin shows no signs of changing market values, all indicators point out a market crash that could knock DOGE value down to $0.078 to $0.085 after a 50 percent sell-off. However, if Dogecoin bounces off the $0.16 support floor, it might signify a beginning of a strong market surge.
To restart this miraculous surge, fans have to produce a swing as high as $0.215. However, the next support floors will be $0.30 and $0.45. If Dogecoin could reach these numbers, then traders should be wary of future trades.
Dogecoin Price: DOGE Market Value
At the time of writing, Dogecoin is trading at $0.17 with a 2.4 percent increase in the last 24 hours, per CoinGecko. It seems that traders survived the dangerous waters in the previous hours.
However, it is worth noting that Dogecoin's 30-day average on-chain volume has long since dried up from its previous highs. On April 20, the market had 33.7 billion DOGE, which is definitely bigger than 2.46 billion DOGE on December 17. The numbers indicate that fans are losing interest in the original meme coin.
These predictions are not 100 percent guaranteed accurate for future market trades. Readers are advised to take in this information with a pinch of salt. They are also recommended to watch carefully on Dogecoin markets in the coming days.
