Dogecoin Price Forecast: DOGE bears remain strong despite Elon Musk’s endorsement
Dogecoin price is extending its decline on Monday after falling 8.55% last week. Coinglass long-to-short ratio for DOGE reads below one, indicating more traders are betting for a correction. The technical outlook projects a correction towards the $0.20 level. Dogecoin (DOGE) extends its decline, trading around $0.23 on Monday after falling 8.55% last week. Coinglass’ long-to-short ratio for DOGE reads below one, indicating more traders are betting for a correction while the technical outlook projects a pullback toward the $0.20 level. Dogecoin bears aiming for $0.20 mark Dogecoin price faced rejection around its 50% price retracement level (drawn from an August 14 low of $0.05 to a December 2 high of $0.48) at $0.27 last week and declined 8.55%. At the time of writing on Monday, it continues to trade down by 4.6%, around $0.23. If DOGE continues its correction, it could extend the decline to test its February 3 low of $0.20. The Relative Strength Index (RSI) on the daily chart reads 32, below its neutral level of 50 and approaching its oversold level of 30, indicating a strong bearish momentum. DOGE/USDT daily chart Another bearish sign is Coinglass’ DOGE long-to-short ratio, which reads 0.87 and continues to fall. This ratio below one reflects bearish sentiment in the markets as more traders are betting on the asset price to fall. DOGE long-to-short ratio chart. Source: Coinglass Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.