๐ #Dogecoin Faces Potential Drop to $0.072, Analyst Warns ๐
Crypto analyst Crypto Daily Trade Signals has alerted the Dogecoin community about a possible decline to $0.072, citing a descending triangle pattern forming amid negative market sentiment.
The analyst points out that Dogecoin's current market structure shows a Descending Triangle Pattern, with lower highs pushing against a flat support level at $0.121. This pattern is usually seen as a bearish continuation signal. While this base offers strong support, the overall bearish market, influenced by Bitcoin's downturn, could undermine it. Despite testing this support level three times, investors hope it will hold this time.
The expert also noted that Dogecoin is trending below its 50-day and 200-day Simple Moving Averages (SMA), indicating another bearish trend. Descending triangles are typically bearish, but if Dogecoin rebounds, it could break out and reach $0.237, with resistance levels at $0.182 and $0.206.
However, if Dogecoin fails to rebound and falls below the triangle's base, the analyst expects a decline toward $0.096 and potentially down to $0.072.
This analysis comes at a critical time for Dogecoin, as the meme coin struggles to regain traction amidst a broader market decline, causing growing pessimism among investors.
