Support or Breakdown: What's Next for DOGE?
The COINBASE:DOGEUSD chart highlights a critical reaction to the support level at 0.2583, which has proven to be a pivotal area in the current price structure. This level has been tested multiple times, acting as a potential turning point. If the price manages to reverse and break above a recent swing high, it could signal a bullish continuation, targeting the main resistance zone around 0.5690.
On the flip side, if the price fails to hold above the 0.2583 support and breaks below with a clear rejection, the bearish scenario comes into play. In this case, the price could first aim for the 0.0993 level, an intermediate support. Should the selling pressure persist, the next target would be 0.0785, considered the strongest support and a potential accumulation zone for long-term buyers.
Price action suggests caution, as the EMAs (Exponential Moving Averages) reflect recent weakness following a rejection at the upper resistance. This indicates that the prevailing trend will heavily depend on the reaction to the current support level.
👨🏻💻💭 What do you think? Will DOGE hold the support and rally, or are we heading to lower levels? Drop your thoughts in the comments and let’s discuss!
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