Is It Possible for DOGE Price Recovery Rally to Exceed the $0.1 Threshold?
The ongoing correction in Dogecoin is being guided by a descending trendline that has allowed the bears to sell on bull rallies over the past five weeks. However, with recent market recovery, the DOGE coin price is approaching the overhead trendline, which could lead to a showdown between buyers and sellers for trend control. Until the resistance trendline is broken, the Dogecoin price will continue to experience a downtrend, and the 20-day EMA walking along with the overhead trendline will offer additional resistance against buyers. The 24-hour trading volume for Dogecoin is $644 billion, indicating a 160% gain. With sustained buying, the DOGE price may rise another 2.5% to challenge the overhead resistance trendline. If sellers recuperate the bearish momentum at this resistance, a prolonged downfall may occur, potentially pushing the Doge price below the last low of $0.064. However, a bullish breakout from the overhead resistance will signal an early sign of trend reversal, with the post-breakout rally potentially reaching targets of $0.78, $0.89, and $0.1. The daily RSI slope has reverted from the oversold region, indicating ongoing stability and a possible bearish momentum replenishment, while the coin price trading below the midline of the Bollinger band indicator suggests that sellers currently possess trend control. As with any investment, investors should conduct thorough market research before investing in cryptocurrencies and remain aware of the risks involved.
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