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Dogecoin (DOGE) Downtrend Might Finally Be Over
As the cryptocurrency market continues to navigate its recent uncertainty, Dogecoin (DOGE) may be poised for a reversal in its current downtrend. The asset has been struggling to break through the 50 EMA at $0.36, but if it can successfully do so, it could spark renewed optimism and potentially send prices higher.
If DOGE does manage to climb above this level, it may set its sights on the upper resistance located between $0.38 and $0.40, a barrier that has previously proven formidable for the asset in its past rally attempts. For now, however, DOGE remains stuck in a neutral position according to its RSI, which suggests that the market is awaiting a clear signal before making its next move.
The asset’s current sideways movement is reflective of this uncertainty, and traders will be keeping a close eye on the 100 EMA and price action around it. A bounce from this level could potentially signal a recovery, but failure to hold above support could trigger another round of selling pressure.
As DOGE navigates its current situation, investors will need to remain vigilant and closely monitor the asset’s movement in order to stay ahead of any potential changes in direction.
Source: u.today
