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Bitcoin (BTC) Surges to $100,000: 3 Key Levels Next, Will XRP Follow Bullish Wave?
Dogecoin (DOGE) in Very Difficult Position
The cryptocurrency market has been witnessing a surge of late, with Bitcoin (BTC) reaching new heights by breaking the $100,000 mark. While this may not be entirely unexpected given its history of volatility, it does raise questions about whether other assets can follow suit.
Unfortunately for DOGE enthusiasts, their asset is currently trading below an important indicator, suggesting weak buying momentum and a high likelihood of further downward pressure.
DOGE’s value has been dropping over the last few weeks, reflecting the larger market correction. The asset failed to maintain its prior breakout attempts and lost a sizable amount of recent gains. This lack of support and increasing hesitation from investors have led to declining trading volume, which can be seen as an indication that even the most ardent DOGE supporters are hesitant to purchase at these price levels.
In order for DOGE to rebound, it must overcome resistance at $0.28, a hurdle that has served as support in the past but now stands as a formidable obstacle. If this resistance is not breached, there may be a prolonged period of consolidation or even a further decline towards the next significant support zone located at $0.22.
While DOGE’s prospects are bleak, XRP enthusiasts might take heart knowing their asset has maintained some stability amid the recent market correction.
Source: u.today
