Price: $0.38979 1.9158%
Market Cap: 57.26B 1.7423%
Volume (24h): 8.66B 0.4%
Dominance: 1.7423%
Price: $0.38979 1.9158%
Market Cap: 57.26B 1.7423%
Volume (24h): 8.66B 0.4%
Dominance: 1.7423% 1.7423%
  • Price: $0.38979 1.9158%
  • Market Cap: 57.26B 1.7423%
  • Volume (24h): 8.66B 0.4%
  • Dominance: 1.7423% 1.7423%
  • Price: $0.38979 1.9158%
Home > Information news > Resilience of Dogecoin Amidst Cryptocurrency Market Downturn

Resilience of Dogecoin Amidst Cryptocurrency Market Downturn

Release: 2024/01/31 06:28 Reading: 265

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/65b9414c74dadd09a87e13b0

Resilience of Dogecoin Amidst Cryptocurrency Market Downturn

You can also read this news on BH NEWS: Resilience of Dogecoin Amidst Cryptocurrency Market Downturn

In the face of a widespread decline in the cryptocurrency market, Dogecoin (DOGE) has notably managed to hold its value above a critical support level of $0.075. This consistency in maintaining its price point suggests a strong buyer presence and a potential positive market sentiment for DOGE.

Momentum for a Dogecoin Rise

Despite Dogecoin’s resilience, its upward trajectory is hindered by a resistance level at $0.0877, suggesting a possible phase of lateral movement in the market. January 2024 saw Dogecoin experiencing significant price volatility, yet it remained above the $0.075 support level, indicating sustained buyer interest.

Technical analysis shows that this support level is reinforced by the 61.8% Fibonacci retracement and the 200-day EMA. A recent increase in the EMA slope has contributed to a 6.5% rise in Dogecoin’s value over a week, positioning its price around $0.081.

The Dogecoin network has seen a surge in growth, with a notable 1,100% increase in new addresses in the last week, culminating in a record high of 247,240 new addresses on January 29th. This expansion could positively influence DOGE’s future value.

With the network’s growth and signs of market recovery, DOGE may surpass the resistance at $0.087. A successful breakout could lead to a 22% increase in value, potentially signaling a trend reversal for Dogecoin.

The post first appeared on BH NEWS: Resilience of Dogecoin Amidst Cryptocurrency Market Downturn

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