The Dogecoin (DOGE) price could be in the final stages of a corrective structure, after which the previous upward movement could resume.
The Dogecoin price has traded inside the confines of a long-term symmetrical triangle since June 16. Since Nov. 1, the price has fallen below the triangle’s resistance line. More recently, the line caused several rejections (red icons) beginning in late January.
The daily RSI is below 50, which is considered a sign of a neutral trend. This supports the possibility that the DOGE price will fall to the channel’s support line, which has not been touched since October. The support line is currently at $0.070.
A DOGE breakout above the resistance line would invalidate this bearish Dogecoin price forecast. This could lead to an increase to the resistance area with an average price of $0.100.
There was no Dogecoin news last week that could have affected the price.
Dogecoin (DOGE) Price Prediction for March: Descent Will Continue
The technical analysis from the short-term six-hour chart shows that the DOGE price is completing an A-B-C corrective structure. The sub-wave count is given in red, suggesting that the price is in sub-wave four.
Giving waves A:C a 1:1 ratio would lead to a low of $0.073, very close to the previously outlined ascending support line. Therefore, this confluence of Fib levels indicates that a drop in the area is expected.
An increase above the B wave high of $0.092 would invalidate this bearish Dogecoin price prediction for March. In that case, the future price could reach the $0.100 resistance area.
To conclude, the most likely Dogecoin price prediction for March suggests that the price will fall toward the $0.073 support area before eventually resuming its increase. This bearish forecast would be invalid by an increase above $0.092. In that case, the DOGE price could increase toward the next resistance at $0.100.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.