$DOGE / USDT โ€“ Pullback After a Strong Push โ€“ Finding Support? ๐Ÿ•๐Ÿ“Š

$DOGE / USDT is currently trading at $0.17384, experiencing a pullback of -4.82% today. The 4-hour chart on Binance shows a recent strong upward move followed by a retracement, suggesting the market is seeking a new equilibrium.

๐Ÿง Key Levels and Observations:

* Recent High Resistance: The recent peak around $0.18545 represents a significant resistance level that the price failed to sustain.

* Potential Support Zone: The area around $0.1700 appears to be acting as a potential support zone, where buying interest might re-emerge.

* Volume Decline: The recent downward move seems to be accompanied by a decrease in volume compared to the preceding surge, which could indicate weakening selling pressure.

๐Ÿค” Potential Scenarios to Watch:

* Support Hold and Rebound: If the price finds strong support around the $0.1700 level and shows signs of bullish reversal, a retest of the $0.1800 and potentially the $0.18545 resistance levels could be on the cards.

* Breakdown Risk: A failure to hold the $0.1700 support could lead to further downside towards lower support levels, potentially around $0.1650.

* Consolidation Phase: The price might consolidate within the $0.1700 - $0.1800 range in the short term, establishing a clearer direction.

๐Ÿ“ˆ Potential Long Entry (On Support Confirmation): Consider a long entry if the price shows clear signs of holding the $0.1700 support level with bullish candlestick patterns or increasing volume, targeting the previous highs. A stop-loss could be placed below the support zone.

๐Ÿ“‰ Potential Short Entry (On Breakdown): A decisive break below the $0.1700 support level with increasing volume might present a short entry opportunity, targeting lower support levels. A stop-loss could be placed above the breakdown point.

DOGEUSDT ยท Binance

0.17384 +0.00139 (+0.81%) (based on the last 4 hours)

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