Price: $0.39400 2.7847%
Market Cap: 57.88B 1.7552%
Volume (24h): 8.46B 0.4%
Dominance: 1.7552%
Price: $0.39400 2.7847%
Market Cap: 57.88B 1.7552%
Volume (24h): 8.46B 0.4%
Dominance: 1.7552% 1.7552%
  • Price: $0.39400 2.7847%
  • Market Cap: 57.88B 1.7552%
  • Volume (24h): 8.46B 0.4%
  • Dominance: 1.7552% 1.7552%
  • Price: $0.39400 2.7847%
Home > Information news > Dogecoin (DOGE) Retests Crucial Descending Channel as Bullish Breakout Stalls, Shares Next Possible Targets

Dogecoin (DOGE) Retests Crucial Descending Channel as Bullish Breakout Stalls, Shares Next Possible Targets

Release: 2024/01/23 15:32 Reading: 311

Original author:CaptainAltcoin

Original source:https://coinmarketcap.com/community/articles/65af651c6228953d77e2f12f

Dogecoin has forged a notable price recovery recently after defending critical support around $0.07. As highlighted by trader Crypto Nathan, DOGE broke out of a descending channel pattern that had defined the prevailing bearish downtrend over the past 10 months.

This upside breakout suggested a bull revival could be underway. However, DOGE has pulled back to retest prior channel resistance as new support around $0.082.

Retest Will Make or Break Bull Case

These retests of breakout levels often determine whether a breakout succeeds in flipping a trend. A springboard bounce from here would confirm the channel breakout, with bulls eyeing continued upside toward $0.12. 

However, failure to hold the former resistance trendline on this retest would call into question the viability of the recent breakout. Such a false breakout could plunge DOGE back toward crucial demand around $0.07.

Any decisive breakdown through $0.07 support would void the near-term bullish outlook. The next significant support holds around $0.065 based on the prior bullish order block.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +Show less –

As a highly volatile and trend-driven asset, Dogecoin’s next directional move could set the tone for the coming weeks and months. With buyers and sellers wrestling around important technical levels, this retest marks the latest critical battleground.

Assessing whether rebounded momentum or bearish exhaustion defines resulting price action should inform tactical next steps. Though mostly detached from broader fundamentals, Dogecoin markings can offer insights into prevailing speculative appetites.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters

The post Dogecoin (DOGE) Retests Crucial Descending Channel as Bullish Breakout Stalls, Shares Next Possible Targets 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.