Dogecoin has been gaining popularity in this bull market, especially with the support of the U.S. elections and Elon Musk, soaring all the way to a high of $0.468!
Looking at the four-hour chart, it has faced resistance twice at the 0.468 level on November 23 and December 8. This indicates that major players and institutional funds are showing signs of pullback at this level, and retail investors lack the purchasing power, thus it has struggled to rise further.
After three days of decline last week, along with yesterday's market washout, it has dropped nearly 30% from its peak. Now, we can closely monitor the 0.34 level, which is a strong support level. If it holds, it will continue to soar; if it cannot hold, it might even test lower levels again. The current position is 0.36, and spot purchases can be made in batches.