Last Chance Before Dogecoin Crash? How to Seize the Golden Opportunity for a Rebound!
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Although Dogecoin (DOGE) has recently fallen by 12%, dropping to around $0.34, its overall performance remains relatively stable. Currently, Dogecoin has returned to the 50-day moving average support level. While there are clear short-term signs of decline, from a longer-term perspective, there is still the potential for a rebound.
Mixed market signals, investors need to be cautious
On-chain data shows that the open interest in Dogecoin futures has decreased by 15.35%, indicating a decline in speculative enthusiasm. However, derivative trading volume has increased by 108.98% in the past 24 hours, suggesting an increase in market activity. Despite the dominance of long positions in liquidations, over $26.98 million was liquidated, indicating that some optimistic views were overly optimistic.
Technical Analysis: Key Support Level at $0.29
Technical charts indicate that Dogecoin's price is close to a key support area—$0.29. If it breaks below this point, it may test the long-term support at $0.23. However, breaking through the resistance level at $0.40 would lay the foundation for a target of $0.45 and could potentially trigger a rebound momentum.
Support and Rebound: Risks and Opportunities Coexist
The current support level for Dogecoin is crucial; if it cannot be maintained, it may accelerate the decline; however, if it can rebound strongly, it will provide an opportunity for the next wave of increases. Investors should closely monitor trading volume and market trends to make rational judgments.
Conclusion
Despite significant market volatility, Dogecoin still has strong community support and historical rebound potential. Investors should seize the key timing of the current support level, make cautious decisions, and embrace potential market opportunities.
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