HomeNewsDogecoin's (DOGE) Critical Moment: Support Trendline Snap Leaves Traders Nervous

Dogecoin’s (DOGE) Critical Moment: Support Trendline Snap Leaves Traders Nervous

- Advertisement -
  • Recent altcoin market developments saw a sharp decline in Dogecoin, breaking below its pivotal support trendline.
  • Despite the downtrend, there’s a glimmer of hope with increasing demand possibly signaling a bear trap in the making.

In the wake of fluctuating market sentiments, Dogecoin recently underwent a significant shift in its price dynamics. Hovering around the $0.062 mark, Dogecoin had previously exhibited signs of resilience, drawing power from a steadily climbing support trendline. However, the latest developments in the altcoin market, with multiple coins showing considerable outflows, have left the beloved memecoin in a precarious state. This observation is per the “Latest Dogecoin News by Binance”.

Breakdown Spirals Dogecoin Closer to $0.056

Early trading hours saw Dogecoin’s value take a 6% plunge, slipping beneath the crucial support trendline. Historically, such deviations have been an indication of a power shift in favor of the sellers, ushering the coin deeper into the red zone.

“However, it’s noteworthy to mention the steadfast resistance around the $0.06 mark. The robust pushback from buyers at this price suggests a potentially robust rebound”.

Retesting Breached Support: A Beacon for Hope?

- Advertisement -

Given the growing demand at lower price levels, the market might experience a retesting phase. This phase will evaluate whether the recently violated support can reestablish itself, but this time, as a significant resistance line. At the time of reporting, Dogecoin’s price hovers at $0.061.

>> Buy Dogecoin quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with DOGE now. Visit Website <<

“Analysts forecast that if Dogecoin remains under this breached support, it might see its value fall further to $0.056, marking an 8.5% decrease”.

Dogecoin’s Potential Climb to $0.068

The silver lining for Dogecoin investors lies in the pronounced buying activity. If this purchasing momentum pushes the coin’s value above its former support line, the crypto community could be looking at a classic bear trap. This would reignite buying enthusiasm, possibly steering Dogecoin back to the $0.068 benchmark.

- Advertisement -

Best Crypto Exchange for Everyone:

  • Invest in Dogecoin and 70+ cryptocurrencies and 3,000 other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
- Advertisment -spot_img