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Dogecoin Liquidation Map Highlights This Zone as Must-Watch Target
The market is abuzz with the latest developments in the Dogecoin (DOGE) landscape. A liquidation map has emerged, pinpointing a crucial zone that investors would be wise to keep a close eye on.
As of the time of writing, DOGE trades at around $0.20, which marks a 3% decline over the past 24 hours. Over the past week, the token has suffered a whopping 10% loss in value, with daily trading volume reaching a staggering $1.4 billion.
A recent tweet by TheKingfisher highlights the significance of the liquidation map in this context. According to their report, an enormous short liquidation cluster is forming near $0.208. This level could potentially serve as a massive magnet for price action, with many traders likely to be caught off guard if DOGE breaks out and targets this zone.
TheKingfisher emphasizes that long liquidations remain scattered, indicating reduced pressure on the downside. This development further strengthens the case for investors to pay close attention to the $0.208 area.
Market participants are also drawn to a weekly ascending broadening wedge pattern observed by Trader Tardigrade. The implications of this structure are far-reaching and potentially explosive. Past moves within this setup have seen DOGE increase from $0.22 to $0.48, suggesting that the next projected swing could take the token all the way up to $1.40.
Furthermore, an inverse head and shoulders pattern is materializing on the hourly chart. The neckline of this formation rests around $0.210, which has served as short-term resistance in recent times. A convincing breakout above this level, accompanied by healthy trading volume, could propel DOGE toward a target range of $0.214 to $0.218.
In conclusion, investors would be wise to keep their eyes on the $0.208 zone, as it appears poised to play a critical role in shaping market direction.
Source: cryptopotato.com
