Dogecoin Price Crashes to $0.09 Despite Recent Rebound
- The price of Dogecoin continues to drop steadily south.
- A complete lack of technical support up to the price range of $0.09.
- Time cycles are the only analysis indicating that a bullish reversal could occur.
Dogecoin price is currently down more than 13% from the March 1, 2022 high of $0.139 and 44% from the 2022 high of $0.215. Buying pressure remains vacant as sellers slowly bleed DOGE lower and lower. However, its descending wedge structure remains intact and time cycles indicate that a directional change may be imminent.
Dogecoin price will close the gap in the volume profile returning to $0.09 before starting a new uptrend
Dogecoin price has spent more than 300 days in a downward trend. After completing a time and price equilibrium cycle on March 1, 2022, DOGE continues to decline. The slide can continue until the Gann season date of March 21. March 21 is at the very end of time cycles where traders can expect to see a bullish reversal for Dogecoin.
The recent bearish pressure pushed Dogecoin price below the critical $0.12 level, the last node of high volume, until the volume profile was at its thinnest. The next high volume node does not appear until the $0.08-$0.09 value zone. The expected behavior that price exhibits when moving through an empty volume profile is fast. Price action is sucked, like a vacuum, from one high volume node to the next. This means that a flash-crash anywhere from $0.12 and below could be triggered until the price reaches the $0.09 level.
However, some extreme prices could indicate a higher mean reversion. For example, the Dogecoin price now has large gaps between the weekly candlestick bodies and the weekly Tenkan-Sen.
DOGE/USDT Daily Chart Ichimoku Kinko Hyo
Additionally, DOGE has moved into a range away from the Kijun-Sen near its maximum average – a level where the imbalance is at its peak. In a bullish reversal, the projected resistance zone is the weekly Kijun-Sen at $0.22.