๐พ Dogecoin (DOGE) Price Analysis - December 20, 2024 ๐พ
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๐ Recent Price Action:
DOGE plunged below the critical 50-day SMA ($0.35) on December 19, signaling a bearish comeback.
The DOGE/USDT pair now hovers around the 61.8% Fibonacci retracement level at $0.27, as bulls attempt to slow the decline.
๐ Key Observations:
The Dec. 20 candlestick's long tail reflects active buying pressure near $0.27.
Recovery is expected to encounter strong selling at moving averages, indicating resistance above.
๐ Technical Outlook:
If the price drops from overhead resistance, DOGE could fall further to the breakout level at $0.23.
A break and close above the 20-day EMA ($0.38) would signal aggressive buying, possibly reversing the bearish trend.
๐ง Whatโs Next?
Watch for:
1๏ธโฃ A rebound above $0.38 for a bullish comeback.
2๏ธโฃ A dip below $0.27 for continued bearish pressure.
๐ Stay vigilant, traders! The market's next move could set the tone for DOGE's trajectory.
