The recent days have seen a continuous decline in $DOGE , just like those MEME coins such as SHIB and FLOKI, all of which have also retraced.
I heard that there are now 5.8 billion Dogecoins ready to move, and everyone is wondering if this coin can rise again?
This month, the price of DOGE has felt like it has been pressed down by something, constantly wavering.
At its lowest, it dropped to $0.34, nearly 30% lower than its highest point this month.
Those who made money before have started to retreat, and market sentiment has turned quite negative, with even third-party data showing that DOGE is currently unpopular.
Previously, in November, the price of DOGE skyrocketed, and the sentiment index soared, but now the market's fear and greed index has dropped from over 90 to 80, causing everyone to feel a bit anxious.
DOGE's situation is a bit awkward right now, especially in the short term.
Gonzo said that Dogecoin is currently blocked by the 100-day moving average at $0.4073, unable to rise, but fortunately, there's a support point at the 200-day moving average of $0.3833.
If this support point is also broken, then Dogecoin will have to drop further, with the next potential support level at $0.36.
However, if it can break through the 100-day moving average, the situation could be completely different, and it might rise again.
Some people say that the price trend of Dogecoin seems to be forming a bullish flag chart pattern, first surging sharply, and then oscillating back and forth in a small range.
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