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Reading: Dogecoin Faces Critical Challenges as Technical Indicators Signal Decline
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COINTURK NEWS > Dogecoin (DOGE) > Dogecoin Faces Critical Challenges as Technical Indicators Signal Decline
Dogecoin (DOGE)

Dogecoin Faces Critical Challenges as Technical Indicators Signal Decline

In Brief

  • Dogecoin's recent price drop raises concerns about its long-term rally.

  • Technical indicators suggest a significant risk of further decline.

  • Market dynamics, including Bitcoin's volatility, continue to impact DOGE's performance.

İlayda Peker
İlayda Peker 3 months ago
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The popular memecoin Dogecoin $0.225242 (DOGE) has fallen below its short-term upward trend, putting its recovery since December at risk. Technical analysis data strengthens the possibility of the five-month rally ending. Experts emphasize the importance of monitoring the $0.26 level as a critical support point, with the MACD indicator also signaling a downturn.

Contents
Technical Indicators Raise Alarms for DogecoinSupport Levels and Possible Scenarios for DOGE Coin

Technical Indicators Raise Alarms for Dogecoin

Following a surge of approximately 500% from August to December 2024, Dogecoin now faces a sharp correction. The price has dipped below the 38.2% Fibonacci retracement level of this rise, increasing the risk of a trend reversal. According to technical analysis rules, losing this level could signal the end of the current upward trend.

Dogecoin DOGE Analysis and Commentary

The MACD histogram, with deepening red bars below the zero line, supports bear market momentum. The downward trend of the 5 and 10-day moving averages indicates that sellers have taken control. All these data suggest that downward pressure on DOGE coin will persist in the short term.

Support Levels and Possible Scenarios for DOGE Coin

Experts identify the first critical support level for DOGE at $0.26, marking the lowest point from December 20. If this level is breached, declines could reach the 61.8% Fibonacci level of the August-December rally at $0.234. However, if the price breaks above the upward trend line drawn from December’s low, it could invalidate this negative scenario.

There is consensus among market participants that Bitcoin $103,760‘s volatility also influences DOGE. A decline in global market risk appetite directly affects speculative assets like memecoins. On the other hand, positive statements from figures like Elon Musk should not be overlooked for their potential to rapidly recover prices.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 29 January, 2025 - 3:05 pm 29 January, 2025 - 3:05 pm
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