Did the price of Dogecoin (DOGE) fall? Let's analyze it
Can Dogecoin survive this wave of supply, rebound from $0.35, and then hit the key resistance level?
The cryptocurrency market has been very hot recently, but Dogecoin has been under pressure and its price has fallen sharply. Now, the price trend of DOGE is a key moment to determine whether it will rise or fall in the future.
The funds on the memecoin side are bleeding a lot, and it is difficult for Dogecoin to reverse! Can it withstand the pressure of this decline, or is it destined to fall to $0.30?
Let's take a look at the price trend of Dogecoin (DOGE).
The 4-hour candlestick chart shows that Dogecoin has fluctuated greatly in recent weeks. It wanted to rush to $0.50 before but failed, and then rebounded to a high of $0.4846 on December 8, 2024.
But since then, fewer people have bought Dogecoin. On the 4-hour candlestick chart, DOGE even broke the 200 EMA, and once the market adjusted, it plummeted to a 24-hour low of $0.3574.
However, the price of Dogecoin seems to be somewhat resilient, and is now trading at $0.35962. However, the supply increase was too much at once, which still led to a large-scale crash, and both the 20 EMA and the 200 EMA formed a bearish crossover.
Moreover, the 4-hour RSI also fell, entering the oversold zone, sending a sell signal.
It seems that Dogecoin may form a double bottom here at $0.35, after all, it has rebounded from a similar price in November. But technical indicators show that it is difficult to rise!
So what is the key price of Dogecoin?
If it can maintain the 23.60% Fibonacci level ($0.3732), it may encounter several resistances, such as the 200-day and 20-day EMA lines. These resistances may drag down its upward momentum and make it difficult for it to return to the $0.40 mark.
But if the market is more turbulent, those speculative traders may sell their Dogecoins. Then the price of Dogecoin may fall to the key support level of $0.34
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