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Dogecoin Falls Below Key Support: Can $0.1318 Stand or Is a Deeper Dip Coming?
The cryptocurrency market has been experiencing some turmoil, with Dogecoin being one of the worst-affected assets. The coin broke below its key support area at $0.1460 and now seeks to establish a bottom around $0.1318 before potentially reaching lower levels.
As seen on the 4-hour chart, the trend structure displays a bearish pattern characterized by consecutive movements of lower highs and lows. This is evident from the failure to surpass previous highs, indicating weak interest in the market and strong selling pressure above that zone.
Market participants are advised to exercise caution as this trend suggests that price recovery will be challenging unless a new high point emerges in upcoming trading sessions. Dogecoin’s technical structure signals that it is still seeking a bottom.
In order to spark significant gains, a robust buying activity is required to surpass the resistance at $0.1652 and reclaim lost ground.
Source: https://cryptonewsland.com/dogecoin-falls-below-key-support-can-0-1318-stand-or-is-a-deeper-dip-coming/
