Dogecoin (DOGE), like other meme coins, has been under heavy bearish pressure, unable to initiate a significant rally recently. The crypto asset's recent price declines have sparked discussions about its future price direction within the cryptocurrency community.

Cryptocurrency analyst and enthusiast YG Crypto has issued a cautionary prediction that has caught the Dogecoin community's attention. He suggests that DOGE's value could drop to $0.09.

Dogecoin’s Next Price Path Hinges on a Breakout

YG Crypto’s analysis comes amid persistent market instability and heightened volatility in the cryptocurrency sector, which has seen notable price swings and a bearish trend in recent weeks. His forecast focuses on DOGE’s recent price action, highlighting a crucial support zone that could trigger a price drop if the asset fails to hold above it.

According to YG Crypto, Dogecoin is currently trading near a critical support zone between $0.11200 and $0.11500. If DOGE breaks below this range, the analyst predicts a significant correction, potentially reaching $0.095. He also noted that the overall downward channel suggests a bearish bias.

DOGE is hovering near a critical support zone of $0.11200-$0.11500. Despite the potential for a downward trend, YG Crypto believes there is still a chance for the digital asset to reverse and move upward. He noted that if DOGE can maintain a breakout above $0.16 and reach the upper limit of the channel, it could bounce back to the $0.170 and $0.176 price levels.

This prediction from YG Crypto underscores the recent instability in Dogecoin’s price and the significant role of market sentiment in determining its value.

Is A $1 Or $2 DOGE Possible?

Currently trading at about $0.12, Dogecoin has struggled to maintain its value during the broader market decline. Cryptocurrency analyst Kaleo has provided insights on the negative trend, suggesting that DOGE could drop to $0.08 or $0.1.

Kaleo pointed out that despite DOGE’s previous dramatic price increases of 6,000% and 30,000% during its early days, it has been moving sideways or downward since. He noted that these explosive moves happened 8-9 months after Bitcoin Halving and does not expect any major moves until December and February next year.

Considering this, Kaleo believes the bullish trend could reverse and send DOGE to the 8-10 cent range, retracing gains from February this year. He noted a similar 30% drawdown and retrace occurred in August 2020, several months before DOGE went mainstream and surged significantly.

Despite predicting a bearish trend for Dogecoin, Kaleo still believes DOGE could reach the $1 and $2 levels in the upcoming months, driven by a memecoin supercycle.