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Dogecoin’s downside risk is high; if support fails, DOGE might fall to $0.08
The price of Dogecoin stays only a hair above a core capitulation zone.
If purchasers do not come in, DOGE might plunge into the single digits.
Given the present trading activity, both bulls and bears are concerned.
For nearly a month, Dogecoin price movement has been stuck in a make-or-break trading range. However, if bulls do not support Dogecoin during the next two weeks, a flash collapse south is on the way.
If short-term support fails, the price of Dogecoin will fall by 44%
Dogecoin’s value is on the verge of plummeting. The red colored area on the chart below denotes a price range in which the Volume Profile gets exceedingly thin between the $0.08 and $0.16 value sectors. Understanding how to evaluate Volume Profile can help offer information on how near Dogecoin is to a large capitulation move.
The Volume Profile is a horizontal measure of volume at a specific price. It identifies price levels where there has been the greatest buying and selling — where bulls and bears have fought the most to decide market direction. High Volume Nodes are levels that stand out and are longer than the bulk of the Volume Profile.
