$DOGE has encountered a setback again. Is this a market warning or a hidden opportunity?
Recently, Dogecoin's momentum has failed to break through the $0.4 mark as desired and has instead begun to decline. Similar to Bitcoin and Ethereum, Dogecoin has also lost important support levels of $0.365 and $0.35, entering a more severe market range.
What’s even more concerning is that the price has also fallen below the support level of $0.325, briefly touching a low of $0.3143. Although the price is currently attempting to rebound, it has yet to break through the 23.6% Fibonacci retracement level of the decline from $0.3981 to $0.3143, appearing to struggle.
The current price of Dogecoin is below $0.34 and the 100-hour simple moving average, making the situation grim. To regain momentum, the primary challenge is the $0.335 level. On the hourly chart, there is also a bearish trend line acting as an obstacle just before $0.335.
If Dogecoin can successfully rise above $0.34, the next target will be $0.35, which is the 50% Fibonacci retracement level of that decline. If it can continue to push higher, the price may rise to $0.362 and even reach highs of $0.38. Breaking through $0.4 would undoubtedly be a significant victory for Dogecoin.
However, if Dogecoin fails to surpass the $0.335 hurdle, it may continue to decline. The first support level will be $0.32, followed closely by $0.315.
The most critical support level is at $0.3. If this price is lost as well, Dogecoin may face greater downward pressure, potentially dropping to $0.285 or even as low as $0.272 in the short term.
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