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Dogecoin (DOGE) Faces Test: Can It Hold and Bounce Back Stronger?
As the cryptocurrency market continues to fluctuate wildly, Dogecoin (DOGE) finds itself in a crucial test. After experiencing a major surge, DOGE is now facing a significant correction that could have far-reaching implications for the asset’s future trajectory.
Dogecoin price started a downside correction from the $0.4850 zone.
Following a major surge like Bitcoin, Dogecoin faced hurdles near the $0.4850 zone and failed to test the $0.50 resistance zone. Instead, it began a downward correction, dropping below the $0.4400 level before settling at $0.3660. However, DOGE recently managed to recover some losses and moved above the $0.380 level.
Dogecoin is currently trading in a positive zone above $0.3380.
Despite its recent upward momentum, DOGE’s short-term outlook remains uncertain. The asset is closely following a key rising channel with support at $0.3920 on the daily chart. While it may seem like the bulls are losing their grip, there is still a possibility of another increase if DOGE stays above the $0.3380 threshold.
In order to continue higher and bounce back stronger, DOGE must surpass critical resistance levels in the near term.
There was a significant swing move below the $0.4400 level before DOGE settled at $0.3660.
The price may experience another increase if it stays above the mentioned support.
Source: coinchapter.com
