A significant drop in the cryptocurrency market is affecting meme coins the most. Dogecoin, with the largest market cap among meme coins, has seen a 17% decrease in the price of its DOGE token.

Despite the recent market crash, there may be an opportunity for long-term holders and investors to enter the market. The question remains whether Dogecoin will experience a bullish trend shortly and reach $1 in the near future. Explore our DOGE price prediction to gain insights.

Dogecoin Faces Pressure, Testing $0.18 Level

The DOGE price has recorded two consecutive red candles as the overall market trends downwards. This bearish trend, seen across most altcoins, indicates that sellers are in control.

Within this bearish environment, the DOGE price is retesting the $0.18 level, which previously experienced a bullish breakout. However, a double top formation suggests a significant increase in selling pressure.

Currently, the DOGE price is at $0.1850, forming a dragonfly candle with a long tail. This candlestick pattern indicates a bullish attempt to avoid closing below the critical demand zone.

Even though there is potential for a reversal, the DMI indicator shows a decrease in the ADX line and the VI lines are preparing for a negative crossover.

Prospects of DOGE Price Recovery

Based on Fibonacci levels, the retest of the $0.18 level corresponds to the 50% Fibonacci level. This suggests a strong presence of bullish factors at this level, increasing the likelihood of a price bounce and presenting a potential buying opportunity.

If the uptrend gains momentum, the DOGE price could reach $0.2964 in the next two weeks. On the other hand, if the price falls below $0.18, it may test the dynamic support of the 50-day EMA at $0.1532.