Dogecoin Price Paints Bear Flag: 20% Decline Possible By Q3 2023

• Dogecoin price consolidation paints a bear flag pattern, potentially targeting 20% decline.
• Breakout of the lower trendline could invalidate the bearish setup and target 12% rally.
• Keep an eye on Elon Musk’s X updates for potential crypto wallets or payment option integrations impacting Dogecoin prices in either directions.

Dogecoin Price Consolidation Paint Bear Flag Pattern

Dogecoin bulls should brace for impact in Q3/2023 as the DOGE price paints a classic bearish continuation pattern on its four-hour chart. The recent bout of consolidation in the Dogecoin market has left behind a “bear flag” pattern, which typically resolves after the price breaks out of their range to the downside and falls by as much as the flagpole’s height 46% of all times. As of Aug 24, DOGE is treading near the flag’s lower trendline with upside bias toward $0.065; however, a breakdown below this level could trigger a 20% fall towards $0.049 in Q3/2023.

Upside Target By End Of September 2023

Conversely, a break above the flag’s upper trendline and DOGE’s 200-4H EMA near $0.0065 could invalidate the bearish continuation setup and push prices towards 50-4H EMA near $0.069 – implying 12% rally by end of September 2023.

Elon Musk & X Updates Could Impact Prices

The billionaire entrepreneur Elon Musk along with his prospects for adding DOGE payment option on X (formerly known as Twitter) can significantly change Dogecoin’s price behaviors at any moment – moving it violently in either direction though not guaranteeing steady trends. Thus, traders are advised to keep an eye on X updates regarding potential crypto wallets or payment option integrations for best results when trading DOGE tokens.

Conclusion: Be Prepared For Impact In Q3/2023

Dogecoin bulls should be ready for possible impacts on prices due to Elon Musk’s decisions regarding DOGE payments options via his social media platform X (formerly known as Twitter). Recent consolidation has painted a classic bearish continuation pattern called ‘Bear Flag’, which if resolved due to breakdown below lower trend line could result in 20% drop towards $0.049 during Q3/2023; while break above upper trend line would mean 12% rally by end of September 20203 .