Dogecoin’s Recent Price Action and Potential Decline 📉
Despite a recent recovery, Dogecoin is now facing renewed bearish pressure, which could lead to a potential further decline. The bears have regained control of the market, pushing DOGE back towards its previous low of $0.0914. As the price moves closer to this level, speculations arise about whether it will break or face rejection, signaling an upward movement.
This article provides an analysis of Dogecoin’s recent price action, highlighting key support and resistance levels that traders and investors should monitor to understand the potential direction of DOGE’s movement.
Overview Of DOGE’s Recent Price Action
Examining recent trends in DOGE’s price reveals:
– On the 4-hour chart, DOGE is bearish and below the 100-day Simple Moving Average (SMA).
– The price has been consistently bearish since failing to recover at $0.1069.
– The cryptocurrency is attempting a move towards its previous low of $0.0914.
– The 4-hour William alligator formation indicates a possible drop as the alligator lip and teeth trend below the jaw.
Despite a short-term pullback, the price remains bearish and may extend bullishness in the long run. The 4-hour William alligator signals further bearishness with both lip and teeth below the jaw.
Key Support Levels To Monitor For Dogecoin
As DOGE approaches its previous low of $0.0914, potential scenarios include:
– Closing below $0.0914 could lead to testing the $0.0745 support level.
– A breach of $0.0745 may see a test of the $0.0559 support level.
– Failure to close below $0.0914 could signal a rise towards the $0.1293 resistance level.
– Breaking above $0.1293 could lead to further upward movement towards $0.1491.
If DOGE surpasses $0.1491, it may continue to rise towards $0.1649 and higher levels on the chart.
Hot Take: Brace for DOGE’s Next Move 🚀
Stay alert as Dogecoin navigates a critical juncture in its price action. Watch key support and resistance levels closely to anticipate potential market movements. Keep a close eye on DOGE’s performance to make informed trading decisions in the evolving cryptocurrency landscape.
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