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XRP Hits Strong Support Level, But Is $0.38 the New Resistance?
The recent market sell-off has seen a significant decline in the value of Dogecoin (DOGE), with many investors wondering if we’ll ever see it reach its all-time high of $1. Unfortunately, the latest analysis suggests that the dream of reaching $1 might be over for now.
As discussed earlier, DOGE’s recent price action has broken below a crucial level of support, which could lead to further losses in the short term. The RSI is still neutral, and there are no signs of reversal at this point. The market sentiment remains bearish, with no reason to suggest that it will change anytime soon.
If the cryptocurrency does not find its way back above the 50 EMA, it may struggle to break $0.38, which would be a significant resistance level for DOGE. A potential rebound from here could push the price towards $0.25-$0.30, but that’s as far as I can see.
Given the bearish momentum and lack of any compelling reason for a reversal, the possibility of additional corrections remains high.
Source: u.today
