Dogecoin Nears Key Resistance: Is a Major Drop Coming?
Dogecoin (DOGE) is currently facing a strong 19-week's resistance, ranging from 0.14632 to 0.14922. This level is crucial for any upward movement. However, from a broader market perspective, it's unlikely that $DOGE will break through. Even if a breakout occurs, it will likely be a false one. While I'm not ruling out the possibility, given the current market conditions, a breakout seems improbable.
At this point, DOGE is more likely to reverse direction and head downward towards its support level between 0.12611 and 0.12819. There's also a hurdle at 0.13220, so DOGE will likely test that level first. If it breaks through, we may see a further drop down to 0.12611. Ultimately, this movement will depend on overall market behavior.
On larger timeframes, DOGE is in overbought territory, indicating a potential decline. A market-wide pullback, possibly starting next week, could push DOGE and other assets lower. Opening a short position at the current level could yield good profit opportunities.
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