Price: $0.19433 -4.4007%
Market Cap: 28.51B 1.1404%
Volume (24h): 4.09B 0.2%
Dominance: 1.1404%
Price: $0.19433 -4.4007%
Market Cap: 28.51B 1.1404%
Volume (24h): 4.09B 0.2%
Dominance: 1.1404% 1.1404%
  • Price: $0.19433 -4.4007%
  • Market Cap: 28.51B 1.1404%
  • Volume (24h): 4.09B 0.2%
  • Dominance: 1.1404% 1.1404%
  • Price: $0.19433 -4.4007%
Home > Information news > Dogecoin Faces Critical Make-or-Break Support, This Price Will Determine DOGE’s Next Trend

Dogecoin Faces Critical Make-or-Break Support, This Price Will Determine DOGE’s Next Trend

Release: 2024/01/06 21:32 Reading: 565

Original author:CaptainAltcoin

Original source:https://coinmarketcap.com/community/articles/659948ef01377036b7d9883b

Dogecoin (DOGE), the popular meme-inspired cryptocurrency, has recently experienced a notable price decline, breaking below a key support level that had previously acted as resistance. As reported by crypto market analyst MyCryptoParadise.com, this breakdown suggests further downside for DOGE, with the next critical support emerging around $0.0718.

Breaching Crucial Support Signals Loss of Momentum

The support level that DOGE broke below had “previously served as a resistance barrier,” according to MyCryptoParadise. This indicates that after much effort, DOGE had finally pushed above this price level, turning it into support. However, the recent breakdown back below this level shows a clear loss of bullish momentum.

As the analyst explained, “This development suggests a potential further decline in DOGE’s value.” The key area to watch now is the support around $0.0718. This marks the next line of defense for the embattled cryptocurrency.

Don’t Sleep on this Explosive Crypto Airdrop! 

Install the GetGrass extension ASAP – the more points you score, the bigger your free crypto payoff! This red-hot airdrop could set you up for the future, but only if you take action right now!

Show more +Show less –

Critical Moment for Dogecoin as Support Level Approaches

Whether DOGE can stabilize and rebound around $0.0718 is crucial for determining its next major price move. As MyCryptoParadise stated, “Market participants should closely monitor whether DOGE can stabilize and possibly rebound at this support level.”

If DOGE fails to establish a bottom around this support, the situation could quickly deteriorate. As the analyst warned, “If DOGE is unable to find footing and bounces back at the 0.0718 support level, the situation could worsen.” This would likely open the doors for a continued selloff towards stronger support around the $0.05 area.

On the other hand, if DOGE manages to defend the $0.0718 level, it could be the first sign of a trend reversal. As MyCryptoParadise explained, “In the event Dogecoin manages to regain its strength and break above the resistance it previously breached, this could indicate a reversal of the current bearish trend.” Pushing back above its broken support-turned-resistance would signal a resurgence of buying momentum.

Conclusion: Critical Moment for Meme-Inspired Cryptocurrency

In conclusion, Dogecoin finds itself at a pivotal make-or-break level following its post-hype price decline. While further downside appears likely, a successful defense of key support around $0.0718 could staunch the bleeding. According to MyCryptoParadise, market participants should keep a close eye on whether DOGE can stabilize around this level. If not, DOGE may have much further to fall before finding its next key support area. Either way, the coming days and weeks promise to be a critical moment for the popular meme token.

You may also be interested in:

We recommend eToro

74% of retail CFD accounts lose money.
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.

The post Dogecoin Faces Critical Make-or-Break Support, This Price Will Determine DOGE’s Next Trend appeared first on CaptainAltcoin.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.