**Investors need to be on alert when closing below $0.059, as this could signal a breakdown of the descending triangle formation.**
#Dogecoin (DOGE) has been one of the most popular cryptocurrencies in recent years, thanks in part to its volatility potential and the support of Elon Musk. However, the DOGE price has recently started to stabilize and the downward movement continues. As a result, investors need to be careful about some critical areas.
One notable point is the $0.059 support point that DOGE has maintained since June last year. This support point has been tested many times but no long-term close below it has been seen. This shows that buyers have finally entered the market.
Despite this, DOGE has been under the influence of the descending resistance trend line since November 2022, which puts pressure on investors. As a result of the combination of resistance and critical support point, a descending triangle formation is formed, which creates a #50% risk of loss.
If this formation breaks against the #DOGE bulls, the price may drop to $0.030. This means that the current spot price could drop by half tomorrow. For this reason, investors need to be on alert when closing below $0.059.
It is important to note that this is just one technical analysis of the DOGE price. Investors should always do their own research and consult with a financial advisor before making any investment decisions.
$DOGE
