Can $DOGE make a comeback? Price trend analysis
The price of Dogecoin, like Bitcoin and Ethereum, has previously been on a downward trend, falling from a high of below $0.3550, even breaking the support lines of $0.3350 and $0.320, with a low of $0.2613.
However, recently, the price of Dogecoin has started to recover, now returning above $0.300, and has even broken the resistance line of $0.3120, standing above the 100-hour simple moving average.
If Dogecoin continues to rise, it may encounter resistance at $0.3400, and then possibly rise to $0.3520, which is the 61.8% Fibonacci retracement level calculated based on previous price trends. Further up, $0.3750, $0.3880, and even $0.40, $0.4120, could all be potential next stops for Dogecoin.
However, if Dogecoin fails to break through the resistance at $0.3350, it may drop again. $0.30 and $0.2850 are possible support levels. If it cannot hold the support level of $0.2620, the price of Dogecoin may continue to decline, possibly dropping to $0.250 or even $0.2320.
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