Dogecoin recovers quickly after 8% decline, good news for bulls
Dogecoin has shown stability in its prices after a sharp decline in recent days and has stabilized at around $ 0.157, where buying has increased.
The reason for its price decline was the global economic uncertainty and geopolitical tensions, however, it has found strong support at the $ 0.151 level.
According to experts, this level is an important support zone and if the bullish trend in the market continues, prices are possible to increase again.
On June 21, around 9 pm, the price of Dogecoin fell from $ 0.164 to $ 0.151, during which a huge increase in volume was seen, which was a kind of capitulation point.
After that, the prices showed a slight recovery trend and are currently stable at $ 0.157.
In addition, in the recent session, Dogecoin has made a high The price has made new lows, indicating a possible bottom.
Global economic pressures such as increased trade disputes and tightening policies by central banks have had a negative impact on the crypto market.
Dogecoin, which is considered a reflection of public sentiment, has suffered significant losses in this uncertain situation.
However, on-chain data shows that network activity remains stable and investors are busy accumulating.
According to technical analysis, the $0.151 level is providing strong support while the resistance zone is between $0.157 and $0.160.
A breakout could be confirmed if the price closes above $0.160, the MACD indicators are starting to turn positive while the RSI is at around 48, indicating the possibility of price increases.
As a result, Dogecoin has made a V-shaped recovery after an 8% decline, which is favorable for bulls in the market. It is coming and will likely attract short-term investors.
This is an analysis, not financial advice from the author of the post, if you want to invest in the crypto market, do your research first, then buy.
