The post Can DOGE Price Defend $0.7 Amidst Current Market Turmoil? appeared first on Coinpedia Fintech News

在當前市場動盪中，DOGE 價格能否守住 0.7 美元？首先出現在 Coinpedia 金融科技新聞上

On November 18, the DOGE price witnessed a sharp reversal from the $0.0876 mark amid increasing uncertainties in the market. This reversal picked up additional momentum when the news spread about the Binance CEO, Changpeng Zhao resigning from his position. In the last five days, the Dogecoin price has declined 14% to currently trade at $0.074.

11月18日，隨著市場不確定性的增加，DOGE價格從0.0876美元大關大幅反轉。當幣安執行長趙長鵬辭職的消息傳出後，這種逆轉得到了進一步的推動。在過去五天裡，狗狗幣價格下跌了 14%，目前交易價格為 0.074 美元。

However, a look at the daily timeframe chart shows this correction is part of the wedge breakout, indicating the Dogecoin price prediction is bullish in the mid-term.

然而，從每日時間框架圖表來看，這種修正是楔形突破的一部分，顯示狗狗幣價格預測在中期看漲。

Multiple Supports Prevent Dogecoin From Major Correction

多重支撐阻止狗狗幣大幅回調

Source – Tradingview

來源 – Tradingview

For nearly a year, the Dogecoin price has been walking a steady downtrend under the development of a falling wedge pattern. In theory, this chart pattern indicates the exhaustion of bullish momentum, as it is often spotted at the maturity of a downtrend. 

近一年來，狗狗幣價格在下降楔形形態的發展下一直穩定下降。從理論上講，這種圖表模式表明看漲勢頭已耗盡，因為它經常出現在下降趨勢的成熟階段。

Amid the early November recovery, the DOGE price provided a bullish breakout from this upper trendline and reached a high of $0.0876. However, amid the recent downturn in the crypto market, DOGE price witnessed a sharp lead-off reversal to reach the current trading price of $0.074. 

在 11 月初的復甦中，DOGE 價格從上方趨勢線看漲突破，並達到 0.0876 美元的高點。然而，在近期加密貨幣市場低迷的情況下，DOGE 價格大幅反轉，目前交易價格為 0.074 美元。

The declining price is likely to retest the upper-trendline of the wedge pattern, this time as a potential support. In addition, this level coinciding with the 50 and 200-day EMA and 61.8% Fibonacci retracement level creates a strong support zone for buyers. 

下跌的價格可能會重新測試楔形形態的上部趨勢線，這次是潛在的支撐。此外，該水準與 50 日和 200 日均線以及 61.8% 斐波那契回撤水準重合，為買家創造了強大的支撐區域。

If the buyers manage to sustain this level, the post-correction rally could surge 60% higher to hit the $0.118 mark.

如果買家設法維持這一水平，調整後的反彈可能會飆升 60%，達到 0.118 美元大關。

Technical indicators:
RSI indicator: The daily RSI slope wavering at 50% reflects a neutral stance but is more inclined to negative sentiment with the current downturn.

技術指標：RSI指標：日線RSI斜率在50%左右波動，反映了中性立場，但隨著當前的低迷，更傾向於負面情緒。

EMA: A bullish crossover between the 50-and-200-day EMA around $0.07 should create an additional layer of support for buyers.

EMA：50 日和 200 日 EMA 之間的看漲交叉點約為 0.07 美元，這將為買家提供額外的支撐。

Will the DOGE Price Fall Back to $0.57?

DOGE價格會回落至0.57美元嗎？

If the market sentiment worsens, the Dogecoin price breakdown from the $0.07 threshold will pave the way for significant downfalls. Losing this multiple support at once could intensify the supply pressure and tumble the coin price 17% down to the October low of around $0.057,

如果市場情緒惡化，狗狗幣價格突破 0.07 美元的門檻將為大幅下跌鋪平道路。立即失去這種多重支撐可能會加劇供應壓力，並使代幣價格下跌 17% 至 10 月低點 0.057 美元左右，