DOGE in Freefall! Will It Recover or Sink Further?Yello, Paradisers! Have you seen the latest plunge in #DOGEUSDT? Is this the beginning of the end or just a temporary setback?
💎#DOGE is under significant selling pressure after losing the daily EMA-200. The price is now trapped in a descending channel pattern, generally seen as a bearish pattern. The sell-off gained momentum after DOGE fell below the key support levels of $0.128-$0.125. Furthermore, the trading volumes and the RSI indicator both confirm an aggressive selling stance.
💎To reverse this downward trend, DOGE must swiftly initiate aggressive short-covering and break above the middle of the channel's descending resistance at $0.1125, which also overlaps the minor resistance level. This will be a challenging task for the bulls to overcome, but, if they succeed, Doge would then aim back towards the strong resistance levels of 0.125-0.128.
💎If the bulls fail to trigger a recovery, DOGE is likely to continue its descent within the channel, targeting the strong support levels of $0.090-$0.085. This zone is fortified by multiple support levels, which could potentially trigger a significant bullish rebound.
Paradisers, treat the market as a businessman, not as a gambler. Stay patient and disciplined for long-term success in your trading journey.
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