💢DOGECOIN's PATH TO RECOVERY: Analyst Predicts a Major Rally Ahead💢
👉RECENT PRICE DROP:
Dogecoin (DOGE) has fallen 29% since reaching a local high on January 18, following the overall downtrend in meme coins.
👉KEY DEMAND LEVELS:
Despite the drop, DOGE is approaching important support levels that have previously facilitated recoveries. The current level is seen as a potential turning point.
👉TECHNICAL ANALYSIS BY SCIENT:
Analyst Scient shared a technical analysis, noting that DOGE is consolidating above the 1-day support level and is receiving strong support at the 100 EMA (Exponential Moving Average). This suggests that buying pressure is increasing.
👉POTIENTIAL PRICE REVERSAL:
As DOGE stabilizes at these key levels, a price reversal could be imminent, signaling a potential rally.
👉KEY SUPPORT ZONE:
DOGE is currently priced at $0.32, which is a critical demand zone. While uncertainty persists in the broader crypto market, Scient remains optimistic about DOGE's prospects.
👉LOWER SUPPORT LEVELS :
Scient also pointed to additional support around $0.262 and the 1-day 200 EMA. If DOGE holds above these levels, there could be opportunities for accumulation, and the outlook remains positive.
👉BEARISH SCENARIO
If DOGE drops below the 1-day 200 EMA, this would signal a bearish trend and further declines.
👉UPCOMING DAYS ARE CRUCIAL:
The next few days are crucial for determining DOGE's short-term direction. For recovery to happen, bulls need to defend these key support levels and prevent further price declines.