Can Dogecoin make a comeback?
Dogecoin's price has warmed up a bit
Like Bitcoin and Ethereum, Dogecoin had previously fallen from a high of $0.3550, dropping below $0.3350, $0.320, and even below $0.280.
After hitting a low of $0.2613, Dogecoin began to slowly climb back and is now above $0.300. It even tested the 23.6% Fibonacci retracement level from $0.4095 to $0.2613.
The exchange rate of Dogecoin against the US dollar has broken through the previous downtrend line on the hourly chart, and the resistance level is now at $0.3120. Dogecoin's current trading price is above $0.320, surpassing the 100-hour simple moving average.
If it continues to rise, the first hurdle is $0.3350. If it breaks through that, the next major level is $0.3520, which is the 61.8% Fibonacci retracement level from $0.4095 to $0.2613. Further up are $0.3750, $0.3880, and $0.40, all of which are obstacles, with the final target being $0.4120.
Will Dogecoin drop again?
If Dogecoin cannot surpass the $0.3350 hurdle, it may drop again. The first support level is at $0.30, followed by $0.2850.
If the important support level at $0.2620 cannot hold, Dogecoin may drop further, potentially falling to $0.250 or even $0.2320 in the short term.
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