- Support and Resistance
Current Situation
Dogecoin is currently trading at $0.18427 after a significant decline from previous levels. The coin has been gradually declining over the past 24 hours, with the price dropping from $0.18644 to the current level.
Key Support and Resistance Levels
Resistance Levels:
- First Resistance: $0.18650
- Second Resistance: $0.18700
- Strong Resistance: $0.19000
Support Levels:
- First Support: $0.18370 (Current Support Level)
- Second Support: $0.18250
- Strong Support: $0.18050
Factors Influencing Price
1. User Base Growth: Dogecoin is approaching 8 million holders, making it the third largest cryptocurrency by number of users after Bitcoin and Ethereum. This growth in the user base may support price stability in the long term.
2. Liquidation of Positions: Significant short position liquidations occurred in the cryptocurrency market over the past 24 hours, indicating potential market volatility.
3. Strategic Partnerships: The DeFi project linked to Trump may affect overall market sentiment, especially in the meme coin sector to which Dogecoin belongs.
Short-Term Forecasts
In the short term, it seems that Dogecoin may continue to trade within a limited range between $0.18370 and $0.18650. Breaking either of these levels will determine the next direction:
- Bullish Scenario: If the price manages to rise above $0.18650, we may see a test of the $0.18700 level, followed by an attempt to reach $0.19000.
- Bearish Scenario: If the price fails to hold the current support level at $0.18370, it may drop to $0.18250, and if selling pressure continues, it could reach $0.18050.
With the number of Dogecoin holders approaching 8 million, the market may see increased interest in the coin in the coming days, potentially supporting upward price movement if positive market sentiment continues.
The information mentioned above has been researched and summarized through personal effort and does not constitute investment advice.
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