Dogecoin (DOGE) Plummets Amidst Storm, 30% Decline Abyss Opens, Is the Doomsday Crisis Approaching?
The price of Dogecoin has fallen to $0.35, down 14% in the past seven days. At the beginning of this month, market sentiment was briefly optimistic following Donald Trump's victory in the U.S. presidential election, with Dogecoin experiencing a significant surge, temporarily breaking above $0.40. However, recent trends have turned downward, and market sentiment has shifted to pessimism.
Short-term Correction: Potential Decline to $0.25
According to data from TradingView, Dogecoin is currently slowly approaching a key resistance zone around $0.438. Based on the analysis of price charts, a correction may occur in the short term, leading Dogecoin to further decline to the support zone near $0.25. This means that the price of Dogecoin could drop about 30% from current levels.
The price of Dogecoin has fallen to $0.35, down 14% in the past seven days. At the beginning of this month, market sentiment was briefly optimistic following Donald Trump's victory in the U.S. presidential election, with Dogecoin experiencing a significant surge, temporarily breaking above $0.40. However, recent trends have turned downward, and market sentiment has shifted to pessimism.
Short-term Correction: Potential Decline to $0.25
According to data from TradingView, Dogecoin is currently slowly approaching a key resistance zone around $0.438. Based on the analysis of price charts, a correction may occur in the short term, leading Dogecoin to further decline to the support zone near $0.25. This means that the price of Dogecoin could drop about 30%. The red arrows shown on the chart indicate this correction trend, and the decline to the $0.25 level aligns with the Fibonacci retracement level of 0.618. This pullback could provide strong support for Dogecoin's price at a lower price level, and if support is confirmed at this level, Dogecoin may have a new opportunity for upward movement. The potential rebound from $0.25, if Dogecoin can establish a stable rebound in the $0.25 support zone, will open a new bullish phase.
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