Dogecoin and Pepe Break Support Level! Buy the Dip or Wait for Further Decline?
Dogecoin and Pepe have dropped more than 10% this week, and on Thursday they fell to a critical position.
Friends looking to buy Dogecoin and Pepe can try their luck at these key positions.
But be careful, the momentum for these two coins is a bit weak.
Both Dogecoin and Pepe have dropped more than 10% this week, and on Thursday they hit important support levels. Friends looking to buy Dogecoin and FrogCoin may consider entering around these support levels, as there may be a rebound.
Dogecoin has a chance of recovery.
Dogecoin reached a new high of $0.48 on December 8, only to drop more than 23% in just 10 days. On Tuesday, it fell to the 50-day moving average of $0.35, which is exactly the 61.8% retracement level of the increase from November to December, making it quite crucial. The price has slightly rebounded now, around $0.36.
Friends looking to buy Dogecoin can consider entering around $0.35.
If $0.35 holds, Dogecoin could rise by 13.5%, returning to Tuesday's high of $0.41.
However, the Relative Strength Index on the daily chart has dropped below 50, indicating strong bearish momentum. If it wants to rise, the Relative Strength Index needs to return above 50.
Pepe's price also looks promising.
Pepe reached a new high of $0.000028 on December 9 but has since retraced by 26.6% over 9 days. On Thursday, it fell to the 50% retracement level from the November high to the new high, at $0.000018, which is also a key position, similar to the daily support level.
Friends looking to buy Pepe can consider entering around $0.000018.
If Pepe rebounds from $0.000018, it could rise by 28%, returning to Monday's high of $0.000024.
However, the Relative Strength Index on the daily chart has also dropped below 50, indicating strong bearish momentum. If it wants to rise, the Relative Strength Index also needs to return above 50.
If Dogecoin and Pepe do not hold at these critical positions, they will continue to decline. Dogecoin could drop to $0.31, and Pepe could fall to $0.000016.
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