DOGE Price Breakdown: Is the Support at $0.30 in Danger? #DOGE #Dogecoin‬⁩

Analysis:

The recent drop in DOGE/USDT has shaken traders, with the price now at $0.31258 (-10.86% in the last 24 hours). Let’s break it down:

1. Price Action:

DOGE plunged from its high of $0.35412 to a low of $0.30510. It’s trading below the middle Bollinger Band ($0.34603), which indicates bearish control. The $0.30 support is now the critical level to watch.

2. Bollinger Bands:

The bands are widening, signaling higher volatility. The lower band sits at $0.31498, close to the current price. Breaking below this could lead to a deeper drop towards $0.30.

3. Moving Averages:

DOGE is trading below the 5-period MA ($0.34603) and the 10-period MA ($0.32703). These levels now act as immediate resistance, keeping the bearish trend intact.

4. Volume:

Volume is elevated at 2.03B DOGE, indicating strong selling pressure. A spike in buying volume would be needed to halt the decline.

5. Resistance & Support Levels:

Immediate Resistance: $0.32703

Secondary Resistance: $0.35

Critical Support: $0.30

Conclusion:

DOGE’s support at $0.30 is under serious threat. A failure to hold this level could lead to a further drop toward $0.28. On the upside, reclaiming $0.32703 could set the stage for a short-term recovery. Watch closely for volume spikes and key price movements.

Disclaimer:

This post is for informational purposes only and not financial advice. Always conduct your own research before investing.

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