Dogecoin (Doge) price forecast remains bearish, raising concerns about a 50% collapse

Dogecoin (Doge) continues to attract attention from cryptocurrency investors, and despite the limited rebound today, price forecasts are still bearish.

Dogecoin rose slightly by 1.09% to $0.1511 today. However, the cryptocurrency is still in the oversold zone and the latest price forecast remains bearish.

Dogecoin price trend chart on April 8, 2025. Source: Benzinga

Doge price experienced a brief breath after falling to a low of $0.1555. The RSI on the 4-hour chart is about 37.01, showing that the cryptocurrency is still in the oversold area.

This means that despite some oversold rebounds and a possible minor rebound, there are currently no clear signs of a significant reversal.

This finding is crucial because it makes a significant difference in Dogecoin's price forecast unless strong market catalysts appear soon.

Dogecoin: Can it rise to $1 this year?

As Benzinga reported earlier, the current liquidity is very high above and below the price, making Doge's next move unpredictable.

In addition, cryptocurrency traders pointed out that the large number of whales transferred 300 million Dogecoins, raising concerns about potential selling pressure.

These developments have exacerbated the turbulence in overall crypto market sentiment. According to the latest Doge news, analysts predict that if Doge cannot maintain the $0.14 support level, a larger pullback may occur.

Technical analysis: Will a crash happen?

According to the latest analysis from TradingView, Dogecoin has been operating in parallel channels for many years, and the channel has been broken recently, indicating that the currency may experience a major structural decline.

Doge's recent trading price is also close to the main 0.786 Fibonacci retracement level (approximately $0.16395), further consolidating the bears' dominance. If the sell-off accelerates, it may fall to the Fibonacci level of $0.06167.

If the collapse intensifies, the $0.131 and $0.102 support levels since October 2024 may serve as short-term bottoms. But if these support levels are also broken, we may see Doge price drop by 50%.

This bearish outlook is partially offset by the bullish divergence found by some crypto traders such as Trader Tardigrade on Doge's daily chart.

The difference between RSI and price action suggests that selling momentum may be weakening. If this sign holds true, Dogecoin could see a small rebound in the $0.154 to $0.164 range.

However, to achieve any substantial reversal, a breakout of the $0.18 resistance level is required.

Future Outlook: Can Doge reach $1?

Based on current technical aspects and on-chain data, this goal seems increasingly difficult to achieve without important catalysts.

Doge lost most of the retail speculation that has driven its price surge in the past. The sharp decline in daily active address and social engagement indicators indicate a decline in community enthusiasm.

However, the crypto market is known for its sudden reversal. A broader market recovery, unexpected news from Elon Musk or a viral revival of Meme may reignite the uptrend.

Currently, the latest Dogecoin price forecasts recommend caution, and Doge's reaching the $1 target looks more like a long upside battle than an inevitable result.

Traders are advised to focus on bullish RSI crossover and MACD reversal signals before being too optimistic about Doge. The cryptocurrency will face a critical test in the coming weeks.

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