Dogecoin Price Could Fall Even Further

• DOGE is now worth $0.07625 following a 3.62 percent loss in price over the last 24 hours.
• Bearish engulfing candle that shattered structure is falling in free fall.
• DOGE’s price has dropped 6.59 percent in the recent week.

The Dogecoin (DOGE) price remains volatile as the bulls lost support at the $0.08 level. The DOGE price is also expected to fall further after bears breached a triangle structure that had been positioned on DOGE during May.

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Bears will almost certainly start pumping capital into their short positions now that this structure has been breached in order to profit from the imminent price collapse. Another damning factor to consider is that the bearish engulfing candle that shattered the structure is falling in free fall.

DOGE is now worth $0.07625. A brief pause before reaching the next aim of $0.072 is still feasible. Unfortunately, it appears that the bears will not abandon the meme coin until the liquidity under the May 12th lows of $0.068 is removed.

Another negative indicator to consider is that DOGE was rejected at the 40 levels of the Relative Strength Index.

DOGE can only invalidate its current bearish downtrend if it breaks over $0.085. If this occurs, a relief rally into the $0.12 range could occur, resulting in a 60% rise from DOGE’s present price.

According to CoinMarketCap, DOGE is presently worth $0.07625 following a 3.62 percent loss in price over the last 24 hours. DOGE’s price has likewise dropped 6.59 percent in the recent week.

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